Vodafone to Sell Part of Its Stake in Indus Towers
February 23 2022 - 06:50AM
Dow Jones News
By Michael Susin
Vodafone Group PLC said Wednesday that it is in talks to sell
part of its shares in Indian telecom infrastructure company Indus
Towers Ltd., without providing financial details on the matter.
The U.K.-based telecommunications company--which currently owns
757.8 million shares in Indus Towers, or 28.1% of its issued share
capital--said it will place 63.6 million shares, or 2.4% of Indus
Towers, through an accelerated book build offering.
The company added that it is also in advanced talks with one of
Indus Towers' largest shareholders for the sale of 127.1 million
shares, representing 4.7%.
Upon completion of the placing and sale, Vodafone would own
567.2 million shares, or 21%, in Indus Towers. However, the company
added that it is in talks to sell its remaining shareholding.
Shares at 1105 GMT were up 0.72 pence, or 0.5%, at 137.18
pence.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
February 23, 2022 06:35 ET (11:35 GMT)
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