Vodafone Group intends to sell its entire $2.3 billion stake in India’s Indus Towers through stock market block deals next week, according to two sources familiar with the matter. This move is part of the British firm’s strategy to repay debt. Vodafone currently owns 21.5% of the mobile tower operator through various group entities, with the investment valued at $2.3 billion based on Friday’s stock price in Mumbai.
The final size of Vodafone’s stake sale in Indus Towers is still under consideration and may end up being less than the full 21.5% if there is insufficient demand, which is currently being assessed, according to the sources. These sources chose to remain anonymous as the discussions are confidential. The potential reduction in the stake sale size highlights the uncertainty in market conditions and investor interest. Vodafone is carefully evaluating the demand to determine the best course of action, balancing its need to repay debt to achieve favorable terms for the sale.
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Vodafone India and its UK parent company did not immediately respond to requests for comment, and Indus Towers also declined to comment.
This plans to sell its stake through block deals in the Indian stock markets next week, with Bank of America, Morgan Stanley, and BNP Paribas managing the transaction, according to the sources. The banks have not responded to queries.
In 2022, Vodafone announced plans to sell its entire 28% stake in Indus Towers but has only managed to sell a small portion so far.
