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Vodafone Group Plc proclaims that it has launched a inserting of its remaining 79.2 million shares in Indus Towers Limited representing 3 per cent of Indus’ excellent share capital by an accelerated guide construct providing.
Post this, Vodafone’s stake in Indus Towers will fall beneath 1 per cent.
British telecom firm Vodafone will promote 3 per cent stake in Indus Towers to clear its debt of USD 101 million or about Rs 856 crore and use the residual quantity to pay excellent dues of its Indian enterprise Vodafone Idea. The transaction is valued at round Rs 2,841 crore as per the Wednesday’s closing value of Indus Towers inventory at Rs 358.75 apiece on the BSE.
“Vodafone Group Plc proclaims that it has launched a inserting of its remaining 79.2 million shares in Indus Towers Limited representing 3 per cent of Indus’ excellent share capital by an accelerated guide construct providing,” Vodafone mentioned in a regulatory submitting.
Post this, Vodafone’s stake in Indus Towers will fall beneath 1 per cent. Before this transaction Vodafone had 82.5 million shares or 3.1 per cent stake in Indus Towers.
In June, Vodafone had offered an 18 per cent stake in Indus Towers for about Rs 15,300 crore.
“The proceeds from the Placing can be used firstly to repay Vodafone’s excellent borrowings of USD 101 million to Vodafone’s present lenders, secured in opposition to Vodafone’s Indian belongings,” the British telecom agency mentioned.
Under the phrases of the safety preparations between Vodafone and Indus, Indus has a safety over the residual proceeds from a inserting to ensure obligations from Vodafone Idea to Indus below the Master Services Agreements (MSA).
“…Vodafone intends to contribute the residual proceeds from the inserting (after reimbursement of Vodafone’s excellent borrowings) in the direction of a problem of recent fairness shares by Vi as soon as the phrases of such a capital elevate have been evaluated and selected by the Board of Directors of Vi.
“The proceeds from the capital elevate could be utilized by Vi to pay excellent MSA dues to Indus,” the submitting mentioned.
The remaining stake of Vodafone in Indus Towers can be accessible to the telecom tower corporations to ensure Vi’s obligations below the MSA.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
