Vodafone Group Sells 63.6 Million Indus Towers Shares for $189 Million
March 03 2022 - 8:30AM
Dow Jones News
By Ian Walker
Vodafone Group PLC said Thursday that it has now sold part of
its shareholding in Indus Towers Ltd., raising $189 million.
The U.K.-based telecommunications company said that it sold 63.6
million shares in Indus Towers for 226.84 Indian Rupees ($3) a
share on Feb. 24.
Vodafone said that following the sale it has agreed to sell an
extra 127.1 million shares in Indus Towers to Bharti Airtel Ltd.
The sale price will be the lower of INR224.5763 a share and the
average price of an Indus Towers' share over a specified period,
less fees.
Upon completion of both transactions, Vodafone will own 567.2
million shares in Indus Towers, or 21% of its issued share
capital.
The company added that it continues to be in talks with several
parties to sell its remaining stake, but cautioned that there is no
certainty any deal will be struck.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
March 03, 2022 08:15 ET (13:15 GMT)
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