Vodafone confirmed media reports regarding its sale of shares in infrastructure company Indus Towers to pay down debts accrued in India.
In a statement, Vodafone announced it sold 484.7 million shares which represented 18% of total share capital. The sale generated for the operator INR153 billion (US$1.8 billion) and it will be used to “substantially repay Vodafone’s existing lenders” to cut down its debt of €1.8 billion (US$1.9 billion) secured against the group’s Indian assets.
Vodafone still holds 3.1% shares in Indus equivalent to 82.5 million shares.
Reuters reported Bharti Airtel bought a 1% stake in Indus to raise its stake to 49%, it did not disclose how much it spent.
Private equity firm KKR and Canadian fund CPPIB sold their entire stakes in four months ago.
