Vodafone Seeks Up to $335 Million in Indus Towers Stake Sale
- Vodafone sold a $1.8 billion stake in tower company in June
- Indian markets have rallied, prompting holders to cash out
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Vodafone Group Plc is looking to raise as much as $335 million from the sale of its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.
The UK-based telecommunications firm is selling 79.2 million shares, representing a 3% stake, with some of the proceeds to be used to pay down debt, the company said in a statement Wednesday. The shares are being offered at 343 rupees to 358 rupees each, according to terms of the deal seen by Bloomberg News. The bottom of that range represents a discount of 3.98% to Wednesday’s close, while the top end would be a 0.22% premium.