Vodafone Group Sells 20% Stake in Indus Towers

Indus Towers witnessed a significant equity transaction today (June 19) with the sale of a 20 percent stake in block deals. The likely seller was the UK’s Vodafone Group, offloading 53.30 crore shares of the mobile tower company.

This high-value deal was reported to be worth ₹17,065 crore, aligning with earlier speculations that Vodafone Group aimed to offload up to 18 percent of its stake in Indus.

Key Buyers and Market Reaction on Indus Towers:

Private equity firms I Squared Capital and Stonepeak were among the prominent buyers vying for Vodafone’s stake in Indus Towers.

Following the sale, shares of Indus experienced a notable decline, falling as much as 9.4% before recovering slightly to trade down 3.9% at 331 rupees.

The National Stock Exchange of India reported that over 615 million shares of Indus Towers were traded across hundreds of block deals on Wednesday, with around 713 million shares changing hands throughout the day.

Bharti Airtel’s Stake Acquisition:

Bharti Airtel, India’s second-biggest telecom firm and a shareholder in Indus, announced that it acquired 27 million shares, roughly a 1% stake, in the company. However, Bharti Airtel did not disclose the purchase price.

Previous Investor Movements in Indus Towers:

Earlier this year, private equity giant KKR and the Canadian fund CPPIB sold their entire stakes in Indus in February, indicating a trend of significant investor activity within the company.

Get all the latest news on Indian daily post