Vodafone sells 18% stake in Indus Towers for €1.7 bn

Vodafone Group has sold 484.7 million shares in Indus Towers, a telecom tower company in India, representing 18 percent of Indus’ share capital through an accelerated book-build offering.

Massive MIMO Antennas Vodafone

Vodafone said the placing raised INR 153 billion (€1.7 billion) in gross proceeds. Vodafone will use the money to substantially repay Vodafone’s existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets.

Following the placing, Vodafone holds 82.5 million shares in Indus, equivalent to a 3.1 percent shareholding.

Indus Towers has 219,736 telecom towers in India. Indus Towers has reported revenue of Rs 7,193 crore with profit of Rs 1,853 crore during January-March quarter of 2024.

Indus Towers formed by the amalgamation of Indus Towers which was operating in 15 telecom circles with pre -merger Bharti Infratel which was operating in 11 telecom circles.

Indus Towers was established as a joint venture in 2007, originally between Bharti Airtel, Vodafone India and Idea Cellular. The holdings underwent few changes over the years and as on 30th September 2020, Bharti Infratel, Vodafone Group Plc and Vodafone Idea held shareholding interest of 42 percent, 42 percent and 11.15 percent respectively in Indus. The balance 4.85 percent was held by P5 Asia Holding Investments (Mauritius).


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