Vodafone sells 18% stake in Indus Towers for Rs 15,300 cr; to pay bank dues

British telecom player Vodafone on Wednesday said it has sold an 18 per cent stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore).

The company will use the major portion of the proceeds to pay 1.8 billion euro outstanding bank borrowings secured against Vodafone’s assets in India.

“Vodafone Group Plc…sold 484.7 million shares in Indus Towers Limited, representing 18 per cent of Indus’ share capital through an accelerated book-build offering.