Vodafone’s ownership in Indus Towers amounts to 21.5% and is spread across different group entities, with a total value of $2.3 billion. According to the report, the final transaction may involve selling less than the entire stake owned by Vodafone, especially if there is not strong demand for it.
According to sources familiar with the matter, Vodafone Group is reportedly looking to sell its entire $2.3 billion stake in mobile-tower operator Indus Towers through block deals next week, as reported by Reuters on June 14.
The stake, which amounts to 21.5% of Indus, is currently held through various group entities. However, the final deal might involve selling less than the entire stake if there is weak demand for the shares.
Vodafone Idea has ambitious plans for 5G rollout and 4G coverage, aiming to raise a substantial amount of funds.
Following the news report, Vodafone Idea’s shares saw a significant surge at the close of the market on June 14, while Indus Towers experienced a decline from its daily highs.
Reuters contacted Vodafone India and its UK parent for comment, but haven’t heard back from them yet. Indus Towers has declined to comment on the story.
Looking ahead, Indus Towers anticipates continued expansion of their network and the rollout of 5G technology, further supported by favorable developments in a major customer’s fundraising efforts, which is expected to drive the company’s growth, according to Prachur Sah, the managing director and CEO.
Regarding financial specifics, without directly naming Vodafone Idea (VIL), Indus Towers’ financial report revealed doubtful receivables of Rs 5,385.3 crore, covering all overdue amounts from the financially strapped telecom firm as of March 31, 2024.
In the latest update, Indus Towers reported a substantial increase in tower additions, exceeding the 200,000 milestone, attributed to the expansion of a key customer network and growth in market share. The company also noted positive progress in financial matters, including steady collections and partial clearance of outstanding dues.
Looking ahead, Indus Towers anticipates continued expansion of their network and the rollout of 5G technology, further supported by favorable developments in a major customer’s fundraising efforts, which is expected to drive the company’s growth, according to Prachur Sah, the managing director and CEO.
Regarding financial specifics, without directly naming Vodafone Idea (VIL), Indus Towers’ financial report revealed doubtful receivables of Rs 5,385.3 crore, covering all overdue amounts from the financially strapped telecom firm as of March 31, 2024.