Vodafone announced on Wednesday that it had sold 484.7 million Indus Towers shares, representing 18% of the Indian mobile towers group, via an accelerated placement.

In a press release, Vodafone states that the proceeds of the transaction, estimated at 1.7 billion euros, will enable it to repay certain bank loans.

Following the transaction, Vodafone will still hold 82.5 million Indus shares, or 3.1% of the capital.

On the London Stock Exchange, Vodafone shares were up 1.1% in early trading on Wednesday.

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