iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Vodafone to sell partial stake in Indus Towers

3 Mar 2022 , 01:33 AM

Vodafone Group Plc Vodafone holds 7578 million shares in Indus Towers Indus equivalent to a 281Percentage shareholding 1907 million of these shares equivalent to a 71Percentage shareholding are currently pledged to Indus the Primary Shares as part of the security arrangements entered into between Vodafone and Indus the Security Arrangements at the time of the merger of Indus Towers with Bharti Infratel Vodafone announces that it has launched a placing of 636 million Primary Shares in Indus through an accelerated book build offering the Placing This represents 24Percentage of Indus outstanding share capital Vodafone is also in advanced discussions with one of the largest shareholders in Indus for the purchase of up to 1271m Indus shares from Vodafone or 47Percentage of Indus outstanding share capital which represents the remaining balance of Primary Shares The terms of such an agreement are currently being discussed and there can be no certainty that the sale will proceed Should the sale be completed Vodafone would retain 5672 million shares in Indus or a 210Percentage shareholding the Residual Shareholding In addition Vodafone is also in discussions with several interested parties in relation to a potential sale of the Residual Shareholding A further announcement will be made as soon as practicable if any further agreements are reached Vodafone and the Aditya Birla Group ABG the promoters of Vodafone Idea Vi are committed to support Vi in its efforts to strengthen its balance sheet The first step in this process included the conversion of US$21bn of AGR and spectrum interest into equity which will make the Indian Government the largest shareholder of Vi Vodafone and ABG intend to contribute towards an issue of equity shares by Vi a Capital Raise once the terms of such a Capital Raise have been evaluated and decided on by the Board of Directors of Vi Vodafone and Indus have modified the Security Arrangements in order to allow Vodafone to dispose of the pledged Primary Shares and use the proceeds to participate in an issue of new shares by Vi referenced above The modified terms will continue to provide security to Indus for an equivalent amount of payments by Vi under the Master Services Agreements Any residual proceeds from the sale of the Primary Shares that are not used by Vodafone to subscribe for new shares in Vi will be available to Indus until 19 November 2022 to guarantee Vis obligations under the Master Services Agreements

Related Tags

  • Announcements
  • BSE
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.