India's Vodafone Idea falls after Vodafone Group plans to sells entire stake in Indus Towers

Indus Towers

05/12/2024 05:46

** Shares of Vodafone Idea  VODA.NS  fall 3% to 8.2 rupees
    ** VODA's UK-based stakeholder Vodafone Group  VOD.L  said
it will sell remaining 3% stake in Indian telecom infrastructure
developer Indus Towers  INUS.NS 
    ** Proceeds from share sale to be used to repay VODA's
outstanding borrowings to lenders 
    ** Separately, VODA said it will consider fundraise worth up
to 20 bln rupees ($236.1 mln) to one or more entities of
Vodafone Group in its meeting on Dec. 9
    ** Proceeds from fundraise to be used to pay VODA's
outstanding dues to INUS
    ** Shares of Indus Towers rise as much as 5% to 375 rupees,
highest since Oct. 23
    ** 79.2 mln shares of INUS change hands via block deals in
morning session, at an avg price of 353.7 rupees per share, as
per NSE data 



($1 = 84.7230 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com))