Vodafone Group PLC (LSE:VOD) has announced the sale of its remaining stake in Indian telecommunications infrastructure firm Indus Towers.
Some 79.2 million shares in Indus, equating to 3% of its issued capital, will be offloaded through a placing, Vodafone said on Wednesday.
Proceeds will be used to pay off around $101 million (£79.7 million) worth of debt secured against Vodafone’s Indian assets to existing lenders.
Residual proceeds are then to go to a capital raise, with which Vodafone said outstanding master services agreements owed to Indus would be paid off.