Voda Idea expects Indus Tower stake sale in 3-4 months for Rs 5500 cr
Vodafone Idea expects the sale of its 11.15 per cent stake in Indus Tower to complete in the next three-four months which could yield an estimated Rs 5,500 crore, a senior company official said Tuesday.
Under a contract signed with Bharti Infratel in April 2018, the company has an option to sell the 11.15 per cent stake in Indus Tower for cash ahead of the merger of the country's largest mobile tower firm with the Bharti group firm.
"As things stand now, that process is in NCLT and expectation is that it should be completed in the next 3-4 months timeframe. Before the merger is consummated, we have the right to receive that in cash. The value will fluctuate.
"The value is dependent on Bharti Infratel (stock) price. At current Bharti Infratel price, the cash value is more than Rs 5,500 crore," Vodafone Idea Chief Financial Officer Akshaya Moondra told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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