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Indus Towers stock price tumbles, volumes spike as Vodafone Plc plans to offload stake

Vodafone was in discussions to sell around a 5 percent stake in Indus Towers to Bharti Airtel, according to a PTI report. The stake is estimated to be valued at over Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea, the report said

February 24, 2022 / 12:27 PM IST
British telecom giant Vodafone Plc on February 23 announced that it would sell a 2.4 percent stake in Indus Towers via a block deal.

British telecom giant Vodafone Plc on February 23 announced that it would sell a 2.4 percent stake in Indus Towers via a block deal.

 
 
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Indus Towers share price declined over 14 percent intraday on February 24 as Vodafone Plc said it would sell stake in the firm.

British telecom giant Vodafone Plc on February 23 announced that it would sell a 2.4 percent stake in Indus Towers via a block deal to telecom major Bharti Airtel. Bharti Airtel and Vodafone Group are the company's promoters. Vodafone holds about 28 percent while Bharti Airtel holds close to 42 percent in Indus Towers.

Vodafone was in discussions to sell around a 5 percent stake in Indus Towers to Bharti Airtel, according to a PTI report. The stake is estimated to be valued at over Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea, the report said.

“Vodafone Group Plc holds 757.8 million shares in Indus Towers Limited, equivalent to a 28.1 percent shareholding. Some 190.7 million of these shares, equivalent to a 7.1 percent shareholding, are currently pledged to Indus as part of the security arrangements entered into between Vodafone and Indus at the time of the merger of Indus Towers with Bharti Infratel,” the UK-based telco said in a disclosure to the London Stock Exchange (LSE).

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“Vodafone announces that it has launched a placing of 63.6 million primary shares in Indus through an accelerated book build offering. This represents 2.4 percent of Indus' outstanding share capital,” it added. Investment bank Morgan Stanley is the advisor to the deal.

At 11:58am, Indus Towers was trading at Rs 213.75, down Rs 37.45, or 14.91 percent. It has touched an intraday high of Rs 238.15 and an intraday low of Rs 210.90.

The scrip was trading with volumes of 2,557,591 shares, compared to its five day average of 91,207 shares, an increase of 2,704.17 percent. A total of 8.95 crore equity shares had changed hands on the NSE till 12:04pm.

Vodafone Idea was trading at Rs 9.80, down Rs 0.92, or 8.58 percent at 12:17pm on the BSE. It has touched an intraday high of Rs 10.75 and an intraday low of Rs 9.72.



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Moneycontrol News
first published: Feb 24, 2022 12:27 pm
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