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UK’s Vodafone to sell remaining 3% stake in India’s Indus Towers
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(Reuters) -Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday.
(Reuters) -Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday.
The British firm said it has launched a placing of
its remaining 79.2 million shares in Indus Towers through an accelerated book build offering.
The FTSE 100 company also said the proceeds from the placing will be used firstly to repay Vodafone’s outstanding borrowings of $101 million, which was secured against its Indian assets.
In June, Vodafone sold a bigger-than-planned 18% stake in Indus Towers, raising $1.82 billion.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Abinaya Vijayaraghavan and Shinjini Ganguli)
A share placing is a method of raising capital where a company issues new shares to investors, often at a discount, to raise funds quickly.
Equity refers to the ownership interest in a company, represented by shares. It signifies the value of ownership after all liabilities are deducted.
A telecom infrastructure developer builds and maintains the physical structures and systems that enable telecommunications services, such as cell towers and fiber optic networks.
Proceeds refer to the money received from a financial transaction, such as the sale of assets or shares.
Capital markets are financial markets where long-term debt or equity-backed securities are bought and sold, facilitating the raising of capital.
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