Vodafone looking to offload Indus Towers stake - report

14th Jun 2024 10:51

(Sharecast News) - Vodafone Group is reportedly looking to sell its whole $2.3bn stake in India's Indus Towers through stock market block deals next week.

Vodafone currently owns 21.5% of the mobile-tower operator. The final size of the stake sale is yet to be decided and could be lower if demand is insufficient.

The UK-listed telecoms operator has reportedly hired Bank of America, Morgan Stanley and BNP Paribas to manage the deal, Reuters reported, citing two unnamed sources with direct knowledge of the matter.

Vodafone in 2022 said it would sell all of its then 28% stake, but has only managed to sell-down to its current holding so far.

The banks, Vodafone India and its UK parent did not immediately respond to requests for comment. Indus Towers declined to comment.

Reporting by Frank Prenesti for Sharecast.com