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VODAFONE TO SELL 3.0% STAKE IN INDUS TOWERS
VODAFONE TO SELL 3.0% STAKE IN INDUS TOWERS.
About this update from Vodafone Group Public Limited Company
[{"type":"text","content":"\n\n4 December 2024\n\n\n\n\n\n\n\n\n\nVODAFONE TO SELL 3.0% STAKE IN INDUS TOWERS\n\n\n\n\n \nVodafone Group Plc (\"Vodafone\") announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited (\"Indus\" and such shares, the \"Indus Shares\") representing 3.0% of Indus' outstanding share capital through an accelerated book build offering (the \"Placing\")1. The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of c.US$101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets2. \nUnder the terms of the security arrangements entered into between Vodafone and Indus (the \"Security Arrangements\"), Indus has a security over the residual proceeds from the Placing to guarantee obligations from Vodafone Idea Limited (\"Vi\") to Indus under the Master Services Agreements (\"MSAs\").\nAs permitted under the Security Arrangements, Vodafone intends to contribute the residual proceeds from the Placing (after repayment of Vodafone's outstanding borrowings) towards an issue of new equity shares by Vi (a \"Capital Raise\") once the terms of such a Capital Raise have been evaluated and decided on by the Board of Directors of Vi. The proceeds from the Capital Raise would be used by Vi to pay outstanding MSA dues to Indus.\nFollowing the repayment of Vodafone's outstanding borrowings, if any Indus Shares remain, such Indus Shares and any proceeds which are not used by Vodafone to subscribe to new shares in Vi would be available to Indus to guarantee Vi's obligations under the MSAs.\nA further announcement will be made when appropriate.\n- ends -\nNotes\n1. The selling entities are Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited\n2. These borrowings are included in Vodafone's reported borrowings but are excluded from Net Debt\n \n\n\n\n\nFor more information, please contact:\n\n\n\n\nInvestor Relations:\n\n\ninvestors.vodafone.com\n\n\[email protected]\n\n\nMedia Relations:\n\n\nVodafone.com/media/contact\n\n\[email protected]\n\n\n\n\nRegistered Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England. Registered in England No. 1833679\n\n\n\n\n \nIMPORTANT NOTICE\nThis announcement is not for distribution, directly or indirectly, in or into the U...