By Najat Kantouar


Vodafone Group sold its remaining 3% stake in telecom tower company Indus Towers and used the 28.0 billion Indian Rupees ($325.9 million) raised in proceeds to repay debt and increase its stake in India's Vodafone Idea.

The U.K. telecommunication group said Friday that it has completed the placing of its 79.2 million shares in Indus Towers via an accelerated bookbuild offering, as previously announced in December.

Part of the proceeds, representing 8.9 billion Indian Rupees, have been used to fully repay its existing debt secured against Vodafone's Indian assets and settle transaction fees.

Additionally, 19.1 billion Indian Rupees have been used to acquire 1.7 billion equity shares in Vodafone idea, increasing Vodafone's stake to 24.39% from 22.56%.

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.


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


(END) Dow Jones Newswires

01-10-25 0303ET