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Vodafone Offloads India's Indus Towers Stake To Trim $2.3B Debt

Published 14/06/2024, 14:39
© Reuters.  Vodafone Offloads India\'s Indus Towers Stake To Trim $2.3B Debt

Benzinga - by Lekha Gupta, Benzinga Editor.

Vodafone Group Public Limited Company (NASDAQ:VOD) reportedly plans to sell its entire $2.3 billion stake in India’s Indus Towers through stock market block deals next week.

The move is part of the British firm’s strategy to repay debt, Reuters reports.

Vodafone currently owns 21.5% of mobile tower operator Indus Towers through various group entities. Based on Friday’s stock price in Mumbai, the investment is valued at $2.3 billion.

As per the report, the final size of the stake sale is yet to be determined and could be lower than 21.5% if demand is insufficient.

Vodafone intends to sell the stake through block deals in Indian stock markets next week and has enlisted several banks like Bank of America, Morgan Stanley, and BNP Paribas to handle the transaction.

Vodafone U.K., a subsidiary of Vodafone, and Three U.K., owned by CK Hutchison Holdings Limited, disclosed a joint venture to consolidate their 27 million customers under one network provider.

Investors can gain exposure to the VOD stock via First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:TDIV) and Pacer Global Cash Cows Dividend ETF (NYSE:VWI).

Price Action: VOD shares traded lower by 0.51% at $8.71 at the last check on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo by rafapress on Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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