Indus Towers in news

Indus Towers is one big newsmaker today morning. From its close of Rs.343.90, the stock slipped down almost 7% to hit an intraday low at Rs.320.60.

Vodafone is likely to complete its sale of 9.94% stake in the company today via block deals. Till 11am, 28.8% or more than 77.5 crore shares had changed hands, both exchanges combined. Now the news is that it will be selling its entire stake today. Vodafone Group owned 21.5% stake in Indus Towers via various group entities. Bharti Airtel said that it has acquired 1% stake.

The company will use the proceeds from the stake sale to repay its $42.17 billion net debt. And if Vodafone sells its entire stake, it is expected to bring in an inflow of $2.3 billion.

According to the terms of the transaction, the shares were offered at a discount of 10% yesterday's closing price of Rs 344/ share.