Vodafone to Sell 3.09% Stake in Indus Towers for $101 Million Debt Repayment

Indus Towers Limited has informed the Exchanges about the intimation under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015. Vodafone Group Plc. is launching a placing of its remaining 79.2 million shares in Indus Towers Limited, representing 3.0% of Indus' outstanding share capital through an accelerated book build offering. The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of $101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets. Indus has a security over the residual proceeds from the Placing to guarantee obligations from Vodafone Idea Limited to Indus under the Master Services Agreements. Vodafone intends to contribute the residual proceeds from the Placing towards an issue of new equity shares by Vi once the terms of such a Capital Raise have been evaluated and decided on by the Board of Directors of Vi. The proceeds from the Capital Raise would be used by Vi to pay outstanding MSA dues to Indus.