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S&R Associates advises Vodafone on two Indus Tower equity sales for USD 187 million

S&R Associates represented Vodafone Group, a multinational telecom company, in its INR 14.2 billion (USD 187 million) sale of 63.6 million equity shares of Indus Towers on the NSE.

Additionally, S&R assisted Vodafone in the proposed sale of 127.1 million equity shares (4.7% of outstanding share capital) of Indus Towers (“Company”) to Bharti Airtel. AZB & Partners advised Bharti Airtel, an existing promoter of Indus Towers.

Vodafone executed the sale of 63.6 million shares on February 24, while Bharti Airtel announced its intent to purchase the 4.7% equity stake in Indus Towers on February 25.

S&R’s team, led by partners Rajat Sethi, Tanya Aggarwal, and Lakshmi Pradeep, with support from associates Meher Mehta and Komal Parakh, handled both transactions.

Bharti Airtel’s acquisition of Vodafone’s 4.7% stake in Indus Towers was contingent upon Vodafone reinvesting the proceeds into Vodafone Idea as fresh equity, which would then be used to settle outstanding dues with Indus Towers.

Post-sale to Bharti Airtel, Vodafone’s remaining shareholding in the Company stands at 567.2 million shares, equating to a 21% stake. Vodafone indicated ongoing discussions with potential buyers for this residual stake, though the outcome remained uncertain.

Additionally, the Company retains a secondary pledge over this residual shareholding, subordinate to Vodafone’s existing lenders who financed Vodafone’s contribution to the Vodafone Idea rights issue in 2019 amounting to EUR 1.4 billion (USD 1.5 billion).

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