Vodafone has sold its 18% share in Indus Towers for Rs 15,300 crore.

British telecom giant, Vodafone, made an announcement today that they have successfully sold 18% of their stake in Indus Towers for a whopping 1.7 billion euro. This move by the company is a strategic one, as they plan to use the majority of the funds to pay off their outstanding bank borrowings in India, which amounts to a staggering 1.8 billion euro.

In a statement released by Vodafone, it was revealed that they sold a total of 484.7 million shares in Indus Towers Limited through an accelerated book-build offering. This resulted in a gross proceeds of Rs 153.0 billion. The main objective behind this sale was to alleviate the company's financial burden by significantly reducing their existing debt, which was secured against their assets in India.

Vodafone Group Plc, the parent company of Vodafone, expressed their satisfaction with the outcome of the transaction. They stated that the proceeds from the sale will be used to substantially repay their lenders who had provided bank borrowings worth 1.8 billion euro against Vodafone's Indian assets. This move will not only improve the company's financial standing but also strengthen their position in the Indian market.

As a result of this transaction, Vodafone's share in Indus Towers has now reduced to 3.1%, with a total of 82.5 million shares. This move is expected to have a positive impact on the company's overall performance and future growth prospects. With this, Vodafone has once again demonstrated their strong presence and commitment in the Indian telecom market.

This decision by Vodafone has been met with positive reactions and is seen as a strategic move to strengthen the company's financial stability and position in the Indian market. The telecom giant continues to be a major player in the industry and this latest move only reaffirms their dedication towards achieving success and growth. This is truly a major milestone for Vodafone and a step towards a brighter future.

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