Vodafone sells 18 per cent stake in Indus for Rs 15,300 crore

NEW DELHI: Vodafone Group PLC on Wednesday sold 484.7 million (48.47 crore) shares in Indus Towers Limited, representing 18% of the latter’s share capital through an accelerated book-building offer. The placing raised Rs 15,300 crore (€1.7 billion) in gross proceeds which will be used by Vodafone to substantially repay its existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets.