On December 5, 2024, Vodafone Group shareholders collectively divested their entire stake in Indus Towers, leading to the termination of the shareholders' agreement between Bharti Airtel, Vodafone shareholders, and Indus Towers. This as part of a broader strategy to repay domestic debt and support Vodafone Idea's financial obligations.
As a result, Indus Towers, which is India's largest mobile tower installation company, became a subsidiary of Bharti Airtel in August 2024.
This move marks Vodafone Group's complete exit from Indus Towers, following a previous sale of an 18% stake in June 2024. The divestment was conducted through an accelerated book-build offering, with the proceeds aimed at addressing Vodafone's debt obligations.
This divestment is a significant step in Vodafone Group's strategy to streamline its operations and support its Indian joint venture, Vodafone Idea. The proceeds from the sale were used to repay outstanding borrowings and potentially infuse fresh capital into Vodafone Idea.
Following the divestment, Indus Towers became a subsidiary of Bharti Airtel, which held a 50% equity stake in the company as of September 2024. The stock price of Indus Towers surged by 5% in early trade on the day of the announcement.
One of the largest telecom tower companies in the world, Indus Towers provides telecom coverage across all 22 telecom circles in India, with 219,736 towers and 368,588 co-locations as of March 31, 2024.
Indus Towers offers a range of services including tower operations, power solutions, space solutions, smart cities, and next-gen solutions.
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