By Ian Walker

Vodafone Group PLC said Thursday that it has now sold part of its shareholding in Indus Towers Ltd., raising $189 million.

The U.K.-based telecommunications company said that it sold 63.6 million shares in Indus Towers for 226.84 Indian Rupees ($3) a share on Feb. 24.

Vodafone said that following the sale it has agreed to sell an extra 127.1 million shares in Indus Towers to Bharti Airtel Ltd. The sale price will be the lower of INR224.5763 a share and the average price of an Indus Towers' share over a specified period, less fees.

Upon completion of both transactions, Vodafone will own 567.2 million shares in Indus Towers, or 21% of its issued share capital.

The company added that it continues to be in talks with several parties to sell its remaining stake, but cautioned that there is no certainty any deal will be struck.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

March 03, 2022 08:15 ET (13:15 GMT)

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