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Vodafone will sell its three percent stake in Indus Towers to repay the loan of US $ 101 million (about Rs 856 crore). Vodafone will use the remaining amount after repaying the loan to clear the dues of its Indian venture Vodafone Idea. Indus Towers shares closed at Rs 358.75 on BSE on Wednesday.
New Delhi. British telecom company Vodafone will sell its three percent stake in Indus Towers to repay the loan of US $ 101 million (about Rs 856 crore). Vodafone will use the remaining amount after repaying the loan to clear the dues of its Indian venture Vodafone Idea. Indus Towers shares closed at Rs 358.75 on BSE on Wednesday. On this basis, the value of the said deal is around Rs 2,841 crore.
“Vodafone Group Plc has announced that it has…offered its remaining 7.92 crore shares in Indus Towers Limited, which is three per cent of the total share capital of Indus,” Vodafone said in a stock exchange filing. In June, Vodafone had sold 18 percent stake in Indus Towers for about Rs 15,300 crore. The UK telco said the proceeds from the offering will first be used to repay US$101 million to Vodafone's existing lenders, which is secured by Vodafone's Indian assets. The company also said that the remaining amount will be used by Vi to pay the dues to Indus.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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