Vodafone Group PLC on Friday said it increased its stake in India’s Vodafone Idea Ltd as it sold its remaining stake in another company.
The Newbury, England-based telecommunications provider said it successfully sold its stake in Indian telecommunications infrastructure company Indus Towers Ltd, and has used some of the sale proceeds to up its holding in another investee in India.
Vodafone completed the placing of its remaining 79.2 million shares in Indus Towers, representing a 3.0% stake, netting some $330 million.
It explained $105 million will go towards repaying Vodafone’s outstanding borrowings secured against Indian assets, as well as settling transaction fees. It added $225 million has also been used to acquire 1.7 billion shares in telecommunications firm Vodafone Idea.
Vodafone increased its stake in India’s Vodafone Idea to just over 24%, from just under 23%.
Vodafone shares were down 0.1% at 66.48 pence each on Friday morning in London.
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