look news india
British telecom company Vodafone has sold its entire stake in Indus Towers for Rs 2,800 crore. Vodafone said in a stock exchange filing on Friday that it has sold 7.92 crore shares or three per cent stake in Indus Towers, and the sale proceeds of Rs 890 crore will be used to repay the dues of lenders.
company announcement
“We have successfully completed the placement of our remaining 7.92 crore shares in Indus Towers Limited (Indus) on December 5, 2024, representing 3.0 per cent of the outstanding share capital of Indus,” Vodafone Group said. Vodafone held this stake through its indirect wholly owned subsidiaries, Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited. Vodafone said that “the remaining amount (Rs 19.1 billion or $225 million) will be used to acquire 1.7 billion equity shares in Vodafone Idea Limited through preferential allotment of shares (capital increase), thereby increasing Vodafone’s stake in Vi.” The stake will increase from 22.56 percent to 24.39 percent.” Vodafone Idea has used this capital raised from Vodafone to pay the outstanding dues of the service agreement to Indus.
Vodafone Idea shares status
Shares of Vodafone Idea closed 2.27 per cent lower at Rs 7.75 on Friday. Its market cap stood at Rs 54,017.36 crore. Centrum Broking estimates Vodafone Idea’s net loss in the December quarter (Q3 FY25) to be Rs 7,129 crore, lower than Rs 7,741 crore in the same quarter last year. Loss in the September quarter (Q2 FY25) stood at Rs 7,275 crore. Revenue in Q3FY25 may grow 5 per cent year-on-year to Rs 11,206 crore. Recently, brokerage firm Citi has fixed the target price of this stock at Rs 13 and has recommended ‘buy/high risk’ on it.
