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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on June 14, 2024

    Featured image for article about Top Stories

    Exclusive-Vodafone looks to sell $2.3 billion stake in India’s Indus Towers, sources say

    By M. Sriram

    MUMBAI (Reuters) – Vodafone Group is looking to sell its entire $2.3 billion stake in India’s Indus Towers through stock market block deals next week, two sources with direct knowledge said, part of the British firm’s effort to repay debt.

    Vodafone currently owns 21.5% of mobile-tower operator Indus via various group entities, valuing the investment at $2.3 billion as of Friday’s stock price in Mumbai.

    The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, the sources said. They declined to be named as the discussions are private.

    Vodafone India and its UK parent did not immediately respond to requests for comment. Indus Towers declined to comment.

    Vodafone plans to sell the stake via block deals in Indian stock markets next week and has hired Bank of America, Morgan Stanley and BNP Paribas to manage the deal, the sources said.

    The banks did not respond to queries.

    Vodafone in 2022 announced it would sell all of its then 28% stake, but has only managed to sell a sliver so far.

    (Reporting by M. Sriram in Mumbai, additional reporting by Paul Sandle in London, editing by Aditya Kalra and Susan Fenton)

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