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By Malvika Gurung
Investing.com — Shares of the leading mobile tower installation company Indus Towers (NS:) tanked 18.34% to Rs 205.5 apiece at 1:30 pm on Thursday, post the British telecom player Vodafone Plc’s announcement of offloading its stake in the company.
On February 23, Vodafone announced that it would sell a 2.4% stake in Indus Towers to Indian telecom giant Bharti Airtel (NS:) through a block deal on Thursday. Data from exchanges depict that the deal has taken place.
Vodafone Group (LON:) and Bharti Airtel are the promoters of Indus Towers, wherein Vodafone Group holds 757.8 million shares of the telecom infrastructure provider, which is 28.1% shareholding, and Airtel holds about 42% stake in the company.
Vodafone Group is also planning to sell about 5% of its stake in Indus Towers to Bharti Airtel for generating at least Rs 3,300 crore, stated a PTI report.
The proceeds received from the deal will be used to boost the performance of the Indian beleaguered telecom company Vodafone Idea (NS:).
The 17-scrip index tanked 5.82% at 1:30 pm, with all stocks slumping, as headline indices and slid 3.7% and 3.52% lower, respectively.
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