Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday. The British firm said it has launched a placing of its remaining 79.

Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.

Vodafone Group will sell its remaining 3% stake in Indus Towers to reduce exposure in underperforming markets. The proceeds will repay a $101 million loan secured against Indian assets. The move aligns with CEO Margherita Della Valle’s strategy to reduce debt.

British telecom player Vodafone is set to sell its entire 3% stake, or 7.9 crore shares, in Indus Towers, the company said on Wednesday, December 4, 2024. The proceeds from the Pl

Vodafone Group moved to sell off its remaining 3 per cent stake in India infrastructure player Indus Towers, a few months after offloading an 18 per cent holding for INR153 billion ($1.8 billion). In a filing, Vodafone stated it had begun a process to sell its remaining 79.2 million shares through a placing.

After the transaction, the telco held over 3% stake in Indus Towers. Indus Towers is India's largest telecom tower provider, with over 219,736 towers across all 22 telecom circles

Vodafone Plc said that the funds from the sale of its remaining 3 percent equity stake in Indus Towers will be used to repay $101 million in outstanding borrowings, which are secured against its Indian assets.

Vodafone Group will sell its remaining 3% stake in telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday.