Voda to sell 3% stake in Indus Towers to clear debt

NEW DELHI: Vodafone, the parent company of Vodafone Idea Limited, announced on Wednesday that it will sell 3% stake in Indus Towers to clear its debt of $101 million (about Rs 856 crore).

The residual amount will be used to pay outstanding dues of its Indian venture, Vodafone Idea.

Following this transaction, Vodafone’s stake in Indus Towers will fall below 1%. Prior to this, Vodafone held 82.5 million shares, representing a 3.1% stake in Indus Towers.