According to a Reuters report dated June 14, Vodafone Group is planning to sell its entire $2.3 billion stake in Indus Towers, a major mobile-tower operator, through block deals scheduled for next week. Vodafone holds a 21.5% stake in Indus Towers across various group entities. The final transaction size may be adjusted if market demand is lower than expected.
Vodafone Idea, meanwhile, is aiming to secure substantial funding for its ambitious plans related to 5G rollout and expanding 4G coverage. Following the news, Vodafone Idea’s stock saw a significant rise in trading, while Indus Towers experienced a decline from its daily highs.
Reuters attempted to reach out to both Vodafone India and its UK parent company for comment, but has not received responses yet. Indus Towers declined to provide any official statement on the matter. Vodafone has reportedly enlisted Bank of America, Morgan Stanley, and BNP Paribas to manage the stake sale.
It’s worth noting that earlier in April, Bharti Airtel had refuted reports suggesting its interest in acquiring Vodafone Group’s stake in Indus Towers. Bharti Airtel, led by billionaire Sunil Mittal, is already the largest shareholder in Indus Towers with a 47.95% stake.
