(Bloomberg) -- Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.
The UK-based telecommunications firm is selling 79.2 million shares, representing a 3% stake, with some of the proceeds to be used to pay down debt, the company said in a statement Wednesday. The shares were worth about $334 million at Tuesday’s close.
As part of Chief Executive Officer Margherita Della Valle’s efforts to cut exposure to underperforming markets, Vodafone sold an 18% stake in Indus Towers in June.
International companies have seized on the strength of India’s stock markets this year to offload stakes in local subsidiaries, helping propel secondary share sales to a record $25 billion, data compiled by Bloomberg show.
Other multinationals selling off some of their Indian holdings this year include British American Tobacco Plc, which raised $2 billion selling shares in its Indian partner, and Whirlpool Corp. Meanwhile, South Korean carmaker Hyundai Motor Co. raised $3.3 billion in a record initial public offering of its Indian business.
©2024 Bloomberg L.P.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。