British telecommunications giant Vodafone Plc sold 484.7 million shares, representing an 18 percent stake, in tower management company Indus Towers through block deals raising Rs 15,300 crore.

S&R Associates represented Vodafone Group in this transaction.

The transaction team consisted of Rajat Sethi (Partner), Lakshmi Pradeep (Partner), Meher Mehta (Partner), Komal Parakh (Associate), Aakriti Jalota (Associate) and Rohin Goyal (Associate).

The share sale proceeds will be used to substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone's Indian assets. Following the share sale, Vodafone holds 82.5 million shares in Indus, equivalent to a 3.1% shareholding

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