UK’s Vodafone Team had actually pledged its stake in Indus Towers with lending institutions of over Rs 11,000 crore to fund its payment to the rights problem of Vodafone Concept – its Indian telecom joint venture with the Aditya Birla Team back in 2019.
The Vodafone Group has worked out Rs 11,650 crore as component of its superior fees secured against its shares in Vodafone Concept. The team had promised practically its entire shareholding as security to the cash-strapped telco’s financial debts.
Previously this month, Vodafone marketed its continuing to be 3% risk in Indus by means of numerous block offers, elevating around Rs 2,801.7 crore, and completely exited the Indian tower company that is now a Bharti Airtel subsidiary.
“On 27 December 2024, HSBC Corporate Trustee Company (UK) Limited working as the security trustee for the loan providers has actually released the pledges according to settlement of the exceptional charges owed to the lenders by the Vodafone Promoter Shareholders,” Vodafone Idea claimed in a governing filing Saturday.
Vodafone initially sold an 18% stake in Indus– out of its earlier 21.05% holding– for Rs 15,300 crore with an open market deal. The risk sale profits were mostly made use of to remove a mass of EUR1.8 billion loanings safeguarded versus Indian properties.
Vodafone Team removed Rs 11,650 crore of its dues by vowing its shares in Vodafone Concept as security versus its debts. The funds, raised via a financial debt setup with HSBC, are utilized to clear loans secured versus its Indian assets, causing the launch of the pledged shares.
1 including Vodafone Idea2 Vodafone Group cleared
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