Vodafone UK to Reduce Stake of Indus Tower

Business

The company ‘Vodafone Group Plc’ of the United Kingdom has now launched the placing of the 63.6 million primary shares in the company known as Indus Towers Ltd via an accelerated offering of the book building, and this has been representing around 2.4 percent of the outstanding share capital of the Indus Tower.

Vodafone UK said that, it has also been in the advanced discussions with one of the biggest shareholders in the Indus Tower for the purchase of around 127.1 million shares of the Indus Towers from the Vodafone that has been representing the remaining balance of the primary shares.

The terms of such agreement is currently being discussed and that cannot be a proper certainty that the sale is going to be proceeded. The company added that, the sale should possibly be completed, and the Vodafone UK is also going to retain around 567 million shares in the Indus Towers.

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The Vodafone Group has been holding 757.8 million shares in the Indus Towers, which has been equivalent to a 7.1 percent shareholding and they are currently pledging to the Indus Tower as a part of the security arrangements that had been entered into between both the companies at the time of the merger of the Indus Towers with the Bharti Infratel.

Vodafone also said that, the company is also in the discussions with several interested parties in relation to a potential sale of the shareholding, and an announcement in the future is going to be made soon if any of the agreements will be reached.

Sandy

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