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HomeEconomyBusinessVodafone to sell 2.4% in Indus via block deal; in talks with...

Vodafone to sell 2.4% in Indus via block deal; in talks with major shareholder to sell 4.7% more

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In a filing to the LSE, the UK company said it and the Aditya Birla Group (ABG) intend to contribute towards an issue of equity share by Vodafone India (Vi). “Vodafone and ABG, the promoters of Vodafone Idea Limited (Vi), are committed to support Vi in its efforts to strengthen its balance sheet… Vodafone and ABG intend to contribute towards an issue of 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,” it said.
Indus Towers closed 0.4% lower at Rs251.20 on the BSE Wednesday. At the current price, a 5% stake in India’s largest telecom tower company could fetch Vodafone Group over Rs 3,300 crore. Vodafone Idea closed 1.6% lower at Rs10.72 while the Airtel stock ended up 0.6% at Rs704.25. The Vodafone Idea (Vi) management in a recent investor call pegged March-end as the deadline for raising capital to finance its operations.
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