Vodafone Idea has received Rs 3,760.1-crore cash for its 11.15% stake sale in Indus Towers, whose merger with Bharti Infratel has been completed.
The UK-based Vodafone Group, though, will stay invested in the merged entity with a shareholding of 28.1%, while Bharti Airtel will have a 36.7% stake. Providence will have a 3.2% stake and KKR along with CPPIB will control 7.1% stake with the remaining 35.2% to be held by public.
The new entity will be called Indus Towers Limited, with Bharti Group and Vodafone Group as its promoters.
In April 2018, Bharti Airtel, Idea Cellular and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel. The merged entity is likely to have around 163,000 towers across 22 telecom service areas in India. Indus Towers was jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea (11.15%) and Providence(4.85%).
Following the exit of Vodafone Idea, the shares held by the company and its nominees in Indus have been cancelled. The cash received by Vodafone Idea will provide the much-needed liquidity to the company, which has been trying to raise capital to fund its operations.
Bimal Dayal has been appointed the CEO of the company effective November 19, while Manish Dawar will be the CFO of the company.
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