Vodafone Group's entire stake worth $2.3 billion in mobile-tower operator Indus Towers could be offloaded through block deals next week, Reuters reported on June 14 quoting sources familiar with the development.
Vodafone's 21.5% stake in Indus is held via various group entities and is valued at $2.3 billion. The report also said that the final deal could be less than the entire stake that Vodafone holds in Indus Towers, in case the demand is weak.
Shares of Vodafone Idea were sharply higher at the close of trade on June 14, while Indus Towers fell from the highs of the day after the news report.
Reuters said it has reached out to Vodafone India and its UK parent, and has not yet received a comment, while Indus Towers declined to comment on the story.
Vodafone has reportedly hired Bank of America, Morgan Stanley and BNP Paribas to help manage the deal.
It should be noted that on April 24, Bharti Airtel had denied news reports that it was in talks to buy Vodafone Group's 21.05% stake in Indus Towers. Billionaire Sunil Mittal-led Bharti Airtel is Indus Towers' largest shareholder, with a 47.95% stake.
"Indus is a provider of critical infrastructure services to the telecom industry and Airtel relies heavily on it. Airtel will therefore always ensure that Indus remains in robust health and financially stable," Bharti Airtel had said in its clarification in April.
This story is being updated
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