Indus Towers shares surge 5% after Vodafone sells out stake

Indus Towers rose as much as 5% to hit an intra-day high of Rs 375 after British telecom giant Vodafone Group divested its remaining 3% stake in the company.

The sale, comprising 79.2 million shares, was conducted through an accelerated book-build offering. This decision is part of Vodafone’s larger plan to divest from its investments in India, simplify its operations, and bolster its financial standing. The company intends to utilise the funds mainly to settle $101 million in borrowings that are secured by its assets in India.