Vodafone Group (NASDAQ: VOD) will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday.
The British firm said it has launched a placing of its remaining 79.2 million shares in Indus Towers through an accelerated book build offering.
The FTSE 100 company also said the proceeds from the placing will be used firstly to repay Vodafone’s outstanding borrowings of $101 million, which was secured against its Indian assets.
In June, Vodafone sold a bigger-than-planned 18% stake in Indus Towers, raising $1.82 billion.
