Vodafone sells 18% stake in Indus Towers for Rs 15,300 cr; to pay bank dues

British telecom player Vodafone on Wednesday said it has sold an 18 per cent stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore).

The company will use the major portion of the proceeds to pay 1.8 billion euro outstanding bank borrowings secured against Vodafone's assets in India.

"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18 per cent of Indus' share capital through an accelerated book-build offering.

"The placing raised Rs 153.0 billion (1.7 billion euro) in gross proceeds which will be used to substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of 1.8 billion euro secured against Vodafone's Indian assets," Vodafone said in a note.

Following the transaction, Vodafone now holds 82.5 million shares or 3.1 per cent in Indus Towers.