Vodafone PLC had announced plans to completely exit Indus Towers by offloading its remaining 3 percent stake in the company.

Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday. The British firm said it has launched a placing of its remaining 79.

These residual proceeds will be used to purchase equity in a fresh issuance of shares by Vodafone Idea, which will then use the funds to clear its outstanding dues to Indus Towers

Vodafone’s complete exit from the Indian towers company are likely to find its way back to Indus Towers shareholders as dividend with attractive yields of up to 6 percent.

Vodafone has been actively seeking to sell down its stake in Indus Towers since 2022, gradually reducing its stake from 28% to 21.5% earlier this year. In June, the company announced it was looking to sell a further 10% in the company, but a surge of interest saw them reconsider the scale of the stake sale.

British telecom company Vodafone will sell 3 per cent stake in Indus Towers to clear its debt of $101 million or about Rs 856 crore and use the residual amount to pay outstanding dues of its Indian venture Vodafone Idea.

Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.

Vodafone PLC will sell its remaining 3% stake in Indus Towers to repay Vodafone Idea's debt. The proceeds may also be used to invest in Vi's new equity issue. This news boosted shares of both Vodafone Idea and Indus Towers.

Earlier, the UK-based telecom operator Vodafone PLC announced to sell its remaining 3% stake in Indus Towers to repay debt in Vodafone Idea (Vi).