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Kolkata: UK's Vodafone Group Plc may infuse 2,000 crore equity into Vodafone Idea (Vi) out of the proceeds of a likely sale of its balance 3.1% holding in Indus Towers, said analysts who added that this may be used to clear a portion of the Indian telco's dues to the tower company...
Vi may also make more substantial payments to Indus towards cutting its dues after the telco raises debt of 23,000-25,000 crore through term loans as planned, they added...
After the recent sale of its 18% stake in Indus, UK's Vodafone holds 3.1% of the tower company and is said to be in talks with Bharti Airtel to sell these shares, people familiar said..
"An upcoming event catalyst that will now be in focus, in our view, is a potential equity infusion into Vi (up to 2,000 crore ballpark) once the balance 3% stake in Indus is sold by its UK promoter, which can be used by Vi to partly clear its past dues to Indus," Citi Research said in a note seen by ET...
Indus, though, continues to hold a pledge over the remaining 3.1% shares held by UK's Vodafone in the tower company as per the terms of the extant security agreements, with a maximum liability of Rs 4,250 crore...
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