VIL sells 11.5% stake in Indus Towers for cash consideration of Rs 3,760 cr

VIL sells 11.5% stake in Indus Towers for cash consideration of Rs 3,760 cr

Idea has sold its 11.5 per cent stake in Indus Towers for a cash consideration of Rs 3,760 crore, the telecom company informed the stock exchange on Thursday evening.

“In accordance with the terms of the agreement and out of the consideration received from Bharti Infratel, the Company has made a prepayment of Rs. 2400 crore which will be adjusted in line with terms of the agreement,” it added.

The stake sale follows the merger of two tower – Indus Tower and Bharti Infratel. Last month the telecom company’s lenders had approved the merger.

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First Published: Thu, November 19 2020. 22:34 IST