British telecom company Vodafone (Vodafone) has sold its entire stake in Indus Towers for Rs 2,800 crore. Vodafone has sold 7.92 crore shares or 3 per cent stake in Indus Towers, the company said in a regulatory filing. Out of the amount received from this, Rs 890 crore has been used to repay the dues of the lenders.
The company said, “Vodafone Group has announced that it has acquired Indus Towers Ltd on December 5, 2024. (Indus) successfully completed the placing of its remaining 7.92 crore shares. This is 3.0 per cent of the outstanding share capital of Indus.”
Vodafone held 3 per cent stake in Indus Towers through its wholly owned indirect subsidiaries – Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Ltd.
Increase in stake in Vodafone Idea
“The remaining amount (Rs 19.1 billion or $225 million) has been used to purchase up to 1.7 billion equity shares in Vodafone Idea Limited through preferential allotment of shares,” it said in an exchange filing. “With this, Vodafone’s stake in Vodafone Idea has increased from 22.56 percent to 24.39 percent.” Vodafone Idea has used the capital raised by Vodafone to pay the outstanding dues of the service agreement to Indus.
SpiceJet will commission 10 more aircraft from the ground, shares fell 6%
On January 10, Vodafone Idea shares fell by more than 2 percent and closed at Rs 7.75 on BSE. The market cap of the company is Rs 54000 crore. The stock has fallen 52 percent in one year. The stock’s 52-week high on BSE is Rs 19.15, which was created on June 28, 2024. The 52-week low of Rs 6.60 was seen on November 22, 2024.
Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. Moneycontrol never advises anyone to invest money here.