Indus Towers releases pledge to enable UK’s Vodafone to sell 18% stake in tower company
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Kolkata: Indus Towers said it has released the pledge on shares held by UK’s Vodafone Group Plc to enable the latter to sell an 18% stake in the telecom tower company for Rs 15,300 crore. “…as per the terms of the security package provided by Vodafone promoters to secure the payment obligation of Vodafone Idea under the Master Services Agreements, the Company (read: Indus) released pledge on 17.98% shares held by Vodafone Promoters in the (tower) company on June 18, 2024, for them to execute the sale of such shares,” Indus said in a statement on Wednesday. Indus, though, said it continues to hold a (secondary) pledge over the remaining 3.06% shares held by Vodafone’s promoters in the tower company as per the terms of the extant security agreements. Brokerage JP Morgan has said as per a security package agreed upon during the merger of erstwhile Bharti Infratel and Indus Towers, Vodafone’s earlier 21.05% stake in Indus was the primary pled...