By Najat Kantouar


Vodafone Group said it plans to sell its remaining 3% stake in Indus Towers and use the money raised initially to repay its outstanding borrowings of $101 million.

The U.K. telecommunication group said Wednesday that it would sell 79.2 million shares in Indus Towers via an accelerated bookbuild offering to repay its existing debt secured against Vodafone's Indian assets.

The shares are valued at 28.53 billion Indian Rupees ($336.9 million), based on Indus Towers' current share price of 360.20 rupees.

Vodafone has been gradually reducing its stake in Indus Towers over time. In June, the group sold 484.7 million shares through an accelerated placing to pay off its existing debt of 1.8 billion euros ($1.89 billion) secured against Vodafone's Indian assets.

Indus Towers is one of the world's largest telecom tower companies, operating 219,736 towers and 368,588 colocations. It has a nationwide presence covering all 22 telecom circles.


Write to Najat Kantouar at najat.kantouar@wsj.com


(END) Dow Jones Newswires

12-04-24 0557ET