Vodafone will use block transactions to sell its full $2.3 billion interest in Indus Towers next week. Examine and report
Vodafone owns a $2.3 billion stake, or 21.5%, in Indus Towers, through a number of group companies. In the event that demand is low, the ultimate transaction may be less than Vodafone’s total ownership, according to the article.
According to people familiar with the matter, Vodafone Group’s entire $2.3 billion investment in cell tower operator Indus Towers may be divested through block agreements as early as next week, as reported by Reuters on June 14.
Vodafone owns a $2.3 billion 21.5% interest in Indus through a number of group companies. In the event that demand is poor, the ultimate deal may be less than Vodafone’s total ownership position in Indus Towers, according to the article.
Vodafone Idea aims to raise a substantial amount of capital through its ambitious 5G deployment and 4G coverage plans.
At the close of business on June 14, Vodafone Idea’s shares had increased significantly, while Indus Towers had dropped from the day’s highs following the news story.
Although Indus Towers declined to comment on the report, Reuters stated that it had contacted Vodafone India and its parent company in the UK but had not heard back.
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Vodafone Idea’s stock rises even though its Q4 net loss increased; Vodafone Idea stock gains despite a widening net loss in Q4 are maintained by Kotak’s “sell” rating.
ICICI Securities is selling the Indus Tower with a target price of Rs 270. ICICI Securities
Bank of America, Morgan Stanley, and BNP Paribas are allegedly employed by Vodafone to assist with transaction management.
Recall that on April 24, Bharti Airtel refuted rumors in the media that it was in negotiations to purchase Vodafone Group’s 21.05% ownership of Indus Towers. With a 47.95% stake, billionaire Sunil Mittal’s Bharti Airtel is the main stakeholder of Indus Towers.
