Vodafone Idea settles Rs 1,910 crore dues to Indus Towers with fresh equity injection
Vodafone Idea (Vi) has cleared Rs 1,910 crore of its old dues to Indus Towers using the cash raised by recently issuing fresh equity on a preferential basis to its UK co-promoter, Vodafone Group Plc.
Following the fresh capital infusion, Vodafone Plc’s stake in Vi — its Indian telecom joint venture with the Aditya Birla Group — has risen to 24.39% from 22.56%. The acquiring Vodafone promoter entities in Vi are Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Ltd.
“…Vodafone Promoters have utilised the proceeds amounting to Rs 1,910 crore, post-repayment of outstanding borrowing to their existing lenders, to acquire shares in Vi. Further, the proceeds of such capital raise have been received by the Company (read: Indus) from Vi towards part-repayment of the MSA (master service agreement) dues,” Indus Towers said in an exchange filing Friday.
Shares of Indus closed 2.90% lower at Rs 320.25 on the BSE Friday. Vi shares too closed 2.27% lower at Rs 7.75 on the exchange.
Last month, UK’s Vodafone had exited Indus by selling its residual 3% stake via multiple block deals, raising Rs 2,800 crore. The British telco had then said that it planned to invest a portion of the Indus stake sale proceeds into Vi — against fresh shares — which would help its Indian telecom JV clear a portion of its old dues to Indus Towers.
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