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Vodafone secures $1.8 billion from Indus Towers stake sale
Vodafone Group Plc has raised $1.8 billion by selling an 18% stake in Indus Towers Ltd. This move is part of CEO Margherita Della Valle’s strategy to streamline the company. The shares sold at 311.4 rupees each highlight strong demand for Indian stocks.
Vodafone Group Plc has raised about $1.8 billion by selling 484.7 million shares in India’s Indus Towers Ltd at 311.4 rupees each, representing an 18% stake. This move aligns with CEO Margherita Della Valle’s strategy to streamline operations. Vodafone shares rose 0.8% in London.
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The increased offering, sold near the lower end of a 310-341 rupee range, highlights strong demand for Indian stocks, according to Sunil Shah of Khambatta Securities. The Indus Towers sale was the largest among recent block trades in India, where Bharti Airtel also increased its stake by 1%.
Following the sale, Indus Towers shares dropped by up to 9.6% but recovered to a 4.2% decline, maintaining a 65% rise this year. The block sale was arranged by Bank of America, BNP Paribas, Jefferies, and Morgan Stanley.
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Last update: Jun 19, 2024