Vodafone in talks with Idea to sell mobile tower stake, OF assets
- Country:
- India
Vodafone Idea is likely to mop up about Rs 20,000 crore from its proposed stake sale in mobile tower firm Indus Tower and monetisation of optical fibre assets, sources said. The country's largest telecom operator plans to use the funds for lowering its debt, which stood at Rs 1,23,660 crore at the end of 2018.
"Vodafone Idea has received combined valuation of around Rs 20,000 crore for mobile towers and optical fibre assets that it is planning to sell. Discussions have started around it," an industry source close to the development told PTI. The company had earlier announced its plan to sell 11.15 per cent stake held by the Aditya Birla Group in Indus Towers as well as 1.56 lakh kilometers of optical fibre assets.
"Indus stake is worth about Rs 50 billion (Rs 5,000 crore) today. We have 156,000 kms of fibre. We have not given any guidance on monetisable value," a Vodafone Idea spokesperson said. The company is also planning to raise Rs 25,000 crore through a rights issue to fund its capital expenditure and pare debt.
The promoter shareholders -- Vodafone Group and Aditya Birla Group -- have reiterated to the board that they intend to contribute up to Rs 11,000 crore and Rs 7,250 crore, respectively, as part of the rights issue. They have also said that in case the rights issue is under-subscribed, each of the promoter shareholders reserves the right to subscribe to part or whole of the unsubscribed portion.
(With inputs from agencies.)
- READ MORE ON:
- Vodafone Idea Limited
- Information source
- Secondary source
- Primary source
- Mobile network operator
- Market share
- Computer network
- Trump Towers Istanbul
- Vogue Towers
- Kirsten Moore-Towers
- Bulletin board
- College Board
- Board of education
- Aditya Birla Group
- Type 2 diabetes
- Media relations
- Priyanka Gandhi
- Vodafone Idea
- sources
- tower firm
ALSO READ
No one should take law into their own hands: Deputy CM Shivakumar warns pro-Kannada activists on 60:40 signboard rule
In India's tech capital, Kannada now gets "prominence" on signboards of businesses
Union Asset Management Company appoints Madhu Nair as CEO
Sebi board to consider allowing employees to donate on social stock exchange: Buch
Unlocking Value: Titan Intech Announces Board Meeting to Discuss Bonus Issue and Office Relocation