New Delhi: Vodaphone Group Plc intends to sell 9.94% of India's Indus Towers Ltd. in block transactions as the UK-based carrier continues to reduce its holdings, Bloomberg has reported.
According to the conditions, it plans to sell 268 million shares in an offering worth between 83.1 billion and 91.39 billion rupees ($1.1 billion). A block deal will be used for the transaction.
Margherita Della Valle, the CEO of Vodafone, took over the company last year. Since then, she has sold off underperforming areas and tried to reduce the size of an empire that once spanned the US and Africa. In 2007, Vodafone, Bharti Airtel Ltd., and Idea Cellular allied to form the Indian tower company, of which Vodafone controls approximately 21 percent. Amidst fierce rate disputes in the regional telecom market, Vodafone's India businesses and Idea announced their merger in 2017 to form Vodafone Idea Ltd.
According to sources familiar with the arrangements, Vodafone Group intended to sell all its shares in India's Indus Towers in block trades as soon as possible. Vodafone collaborates with BNP Paribas SA, Morgan Stanley, and Bank of America Corp.
ALSO READ: SBI plans to raise Rs 10,000 cr via infrastructure bonds, say bankers
FIRST Business Portal addressing the potential of business capability of North East Region.
