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Vodafone looks to sell stake in Indian cell tower firm -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This branded sign was displayed in London’s Vodafone Store on May 16, 2017, Britain. REUTERS/Neil Hall

(Reuters] – British mobile operator Vodafone (NASDAQ) wants to dispose of its 28.1% interest in Indus Towers Limited, India’s cell tower provider. The telecom company announced this Wednesday.

According to the company, it has launched an Indus share sale, which amounts to approximately 2.4% of Indus stock, and is in discussions with other parties about the sale.

Vodafone had a stake in 757.8 Million Indus shares. It was approximately 190.7 Billion Rupees (2.56 Billion USD) at the Wednesday close price of Indus on India’s National Stock Exchange.

This story has been corrected to correct paragraph 2. It states that 63.6 million shares were sold, and not 63.3 millions shares.

($1 equals 74.5490 Indian Rupees).

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