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Vodafone to sell Indus Towers stake to raise funds for Indian subsidiary

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Vodafone is looking to sell its entire 28.1% stake in India’s largest cell tower firm Indus Towers according to several reports.

Initial sale discussions have begun with various parties regarding the sale of its remaining shares.

Its total stake of 757.8 million shares is worth around $2.56 billion.

This comes following a turbulent period for Vodafone’s Indian subsidiary Vodafone Idea.

Last month it was announced that the Indian government would be taking a 36% share in the troubled telco and that existing shareholders would have their shares diluted.

Today, Vodafone is planning to sell 2.4% of its stake in Indus Towers through a block deal and the operator recently said that it was in talks to sell 4.7% of Indus to one of its largest shareholders, with Bharti Airtel interested according to local media outlets.

Several reports have also stated that the funds could be infused into Vodafone Idea upon completion of any sale.

Vodafone Idea is reportedly in a race against time to raise funds to finance its operations with the company pegging March as the deadline for its latest round of fundraising exercises.

The operator has itself been in talks with several private equity players including Carlyle and Apollo Global as it bids to save itself from debt.

Vodafone has been contacted for comment.

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