Vodafone to sell 10 stake in Indus Towers for up to 11 billion

Shares of Indus Towers slipped 5 per cent to Rs 326.05 on the National Stock Exchange (NSE) and BSE in Wednesday’s intra-day trade on reports that the British telecom giant Vodafone Group is likely to sell a 9.94 per cent stake in telecom tower firm via block deals today.

Till 09:22 am; a combined 47.34 million equity shares representing 1.76 per cent of total equity of Indus Tower have changed hands on the NSE and BSE. Currently, the stock is trading 2.5 per cent lower at Rs 335.95 on the NSE, as compared to 0.15 per cent rise in Nifty 50.

Despite today’s decline, thus far in the calendar year 2024, shares of Indus Towers have outperformed the market by surging 63 per cent, as against 7 per cent rise in Nifty 50. The stock had hit a 52-week high of Rs 369.90 on June 3, 2024.