Vodafone plans to sell $2.3 billion stake in Indus Towers, sources say

Vodafone Group is looking to sell its entire $2.3 billion stake in India’s Indus Towers through stock market block deals next week.

Vodafone Group is looking to sell its entire $2.3 billion stake in Indus Towers through stock market block deals next week, two sources with direct knowledge said, as part of the British firm's effort to repay debt.

Vodafone owns 21.5% of mobile-tower operator Indus via various group entities. As of Friday's closing stock price in Mumbai, the investment is worth $2.3 billion.

The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, said the sources, who declined to be named as the discussions were private.

Shares of Vodafone Idea extended gains, rising as much as 4.8% after the Reuters report, while Indus Towers pared gains and closed up 0.3%.

Vodafone India and its British parent did not respond to requests for comment. Indus Towers declined to comment.

Vodafone has hired Bank of America, Morgan Stanley and BNP Paribas to manage the stake sale in stock markets, the sources said.

Bank of America declined to comment while the others did not respond to Reuters requests for comment.