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Stock Report
Vodafone to sell 3% stake in Indus Towers
Posted On : 2024-12-04 17:52:05( TIMEZONE : IST )
Vodafone Group Plc ("Vodafone") announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited ("Indus" and such shares, the "Indus Shares") representing 3.0% of Indus' outstanding share capital through an accelerated book build offering (the "Placing"). The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of c.US$101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets.
Under the terms of the security arrangements entered into between Vodafone and Indus (the "Security Arrangements"), Indus has a security over the residual proceeds from the Placing to guarantee obligations from Vodafone Idea Limited ("Vi") to Indus under the Master Services Agreements ("MSAs").
As permitted under the Security Arrangements, Vodafone intends to contribute the residual proceeds from the Placing (after repayment of Vodafone's outstanding borrowings) towards an issue of new equity shares by Vi (a "Capital Raise") once the terms of such a Capital Raise have been evaluated and decided on by the Board of Directors of Vi. The proceeds from the Capital Raise would be used by Vi to pay outstanding MSA dues to Indus.
Following the repayment of Vodafone's outstanding borrowings, if any Indus Shares remain, such Indus Shares and any proceeds which are not used by Vodafone to subscribe to new shares in Vi would be available to Indus to guarantee Vi's obligations under the MSAs.
A further announcement will be made when appropriate.
Shares of Indus Towers Limited was last trading in BSE at Rs. 353.60 as compared to the previous close of Rs. 346.75. The total number of shares traded during the day was 178366 in over 4170 trades.
The stock hit an intraday high of Rs. 356.95 and intraday low of 347.70. The net turnover during the day was Rs. 63011501.00.
Shares of Vodafone Idea Limited was last trading in BSE at Rs. 8.21 as compared to the previous close of Rs. 8.29. The total number of shares traded during the day was 32294573 in over 53753 trades.
The stock hit an intraday high of Rs. 8.39 and intraday low of 8.20. The net turnover during the day was Rs. 267188960.00.
