The Vodafone Group will likely divest about 9.94% stake in telecom tower operator Indus Towers Ltd. in a share sale on Wednesday—over one or more tranches on the exchanges.
The carrier may sell 26.8 crore shares worth Rs 9,138.8 crore, according to the term sheet accessed by NDTV Profit, at Rs 310-341 per share.
The sellers include Euro Pacific Securities Ltd, CCII (Mauritius) Ltd., Asian Telecommunication Investments (Mauritius) Ltd., Trans Crystal Ltd., Mobilvest, Prime Metals Ltd., Vodafone Telecommunications (India) Ltd. and AI-Amin Investments Ltd.
Vodafone Group held 21.05% in Indus Towers, which it formed in collaboration with Bharti Airtel Ltd. and Idea Cellular Ltd. Bharti Airtel, the highest share holder as of March 2024 held 47.95% stake in the company.
Morgan Stanley and BofA Securities will be the executive placement agents responsible for the stake sale.
Shares of Indus Towers shares closed 1.12% higher at Rs 344.55 per share. That compares with a 0.39% advance in the NSE Nifty 50 Index.
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