Indus Towers block deal size increased to 17.98% from 9.94%

The UK-based telecom operator Vodafone PLC, along with others, is likely to sell a 17.98% stake in Indus Towers today through block deals, according to the revised term sheet issued by the bankers.

The term sheet issued on Tuesday stated that Vodafone PLC would sell a 9.94% stake in the tower company. The shares are expected to be sold in the price range of Rs 310 to 341, representing a discount of 9.9% to 0.8% from Tuesday’s closing price. At the upper end of this range, the deal is expected to raise Rs 16,528 crore, or $1.8 billion.

This could be the second-largest block deal executed in India after the ITC transaction in March, where British American Tobacco Plc (BAT) sold a 3.5% stake in ITC through an open market transaction for around Rs 17,485 crore.


Buyers in the block deal will have a lock-in period of 90 days. Morgan Stanley, Bank of America, BNP Paribas and Jefferies are the placement agents for the block deal.