By Michael Susin

 

Vodafone Group PLC said Wednesday that it is in talks to sell part of its shares in Indian telecom infrastructure company Indus Towers Ltd., without providing financial details on the matter.

The U.K.-based telecommunications company--which currently owns 757.8 million shares in Indus Towers, or 28.1% of its issued share capital--said it will place 63.6 million shares, or 2.4% of Indus Towers, through an accelerated book build offering.

The company added that it is also in advanced talks with one of Indus Towers' largest shareholders for the sale of 127.1 million shares, representing 4.7%.

Upon completion of the placing and sale, Vodafone would own 567.2 million shares, or 21%, in Indus Towers. However, the company added that it is in talks to sell its remaining shareholding.

Shares at 1105 GMT were up 0.72 pence, or 0.5%, at 137.18 pence.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

February 23, 2022 06:35 ET (11:35 GMT)

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