Vodafone Group PLC (LSE:VOD) has completed the sale of its stake in Indus Towers for US$330 million (£269 million).
Some 79.2 million shares, equating to 3% of the Indian mobile tower installation company, were sold through an accelerated bookbuild, Vodafone said on Friday.
Of the proceeds, US$105 million had gone to repaying debt secured against Vodafone’s Indian assets in full, the FTSE 100-listed company said.
The remaining US$225 million had been used to increase a stake in local telecommunications firm, Vodafone Idea, from 22.56% to 24.39%, it added.
Vodafone Idea had in turn used the cash to repay outstanding master service agreement fees to Indus, according to Friday’s statement.
“Following this, Vodafone's obligations to Indus under the security arrangements have now been satisfied in full,” the company added.