Vodafone Group increases Indus Towers' block offer size to $1.8 billion, may sell 18% stake

Vodafone plans to sell up to 18 percent equity stake in Indus Towers.

Vodafone Group has increased the Indus Towers' block offer size to $1.8 billion from $1.1 billion, reported CNBC TV18 citing unidentified sources. UK-based Vodafone is now likely to sell up to 18 percent equity stake in Indus Towers. The block deal is expected later on 19 June.

Vodafone Group has announced plans to offload its entire stake in Indus Towers, to help trim the group's significant $42.17 billion net debt. However, the firm still holds 21.5 percent stake in Indus Towers, valued at about $2.3 billion.

Earlier, JPMorgan analysts noted that the sale could expedite Vodafone group's debt repayments and possibly enable a special dividend for Indus Towers' shareholders.

To be updated