This comes after Vodafone Concept had cleared ₹2,328.2 crore of its dues to Indus until the September quarter. The entire dues quantity to round ₹7,075 crore
The UK’s Vodafone Group Plc is promoting the entire 3% of stake it owns of Indus Towers in a $300 million deal to exit the corporate which is now a Bharti Airtel subsidiary.
The Sunil Mittal-led Airtel might be a possible purchaser for the Indus Tower shares from Vodafone UK(Reuters)
Additionally Learn: ‘Doubt on its credibility’: IndiGo on AirHelp ranking it among the many worst airways on this planet
The proceeds from promoting the 79.2 million shares will probably be used to clear the corporate’s $101 million in money owed to current lenders secured towards Vodafone’s Indian property.
The remaining will probably be used to infuse contemporary capital into Vodafone Concept (Vi), its Indian telecom three way partnership with the Aditya Birla Group to clear a portion of its dues to Indus Towers.
This comes after Vi had cleared ₹2,328.2 crore of its dues to Indus until the September quarter. The entire dues quantity to round ₹7,075 crore.
Additionally Learn: US shares surge on Fed price minimize hopes, ignoring France, South Korea’s political crises
The Sunil Mittal-led Airtel might be a possible purchaser for the shares, based on an Financial Occasions report which cited unnamed business executives and added that discussions have been happening for a while.
Earlier, these similar discussions had gotten mired as a result of valuation variations, however the newest talks may carry outcomes, based on the report.
This comes after the Competitors Fee of India (CCI) cleared Airtel’s proposal to extend its shareholding in Indus from the 50.005% it presently owns.
Additionally Learn: Bitcoin crosses $100,000 for first time on optimism over Donald Trump’s crypto plans
Keep up to date with the…
See extra
Information / Enterprise / Vodafone to promote remaining stake in Indian tower firm Indus
