Vodafone sells remaining 3% stake in Indus Towers

(Sharecast News) - Vodafone said on Wednesday that it was selling its remaining 3% stake in India's Indus Towers. The telecoms company launched a placing of its remaining 79.2m shares in Indus through an accelerated book build offering.

Vodafone said the proceeds will be used to repay outstanding borrowings of around $101m to its existing lenders, secured against its Indian assets.

The company had already sold an 18% stake in Indus Towers in June, raising $1.82bn.