(Bloomberg) -- Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.
The UK-based telecommunications firm is selling 79.2 million shares, representing a 3% stake, with some of the proceeds to be used to pay down debt, the company said in a statement Wednesday. The shares were worth about $334 million at Tuesday’s close.
As part of Chief Executive Officer Margherita Della Valle’s efforts to cut exposure to underperforming markets, Vodafone sold an 18% stake in Indus Towers in June.
International companies have seized on the strength of India’s stock markets this year to offload stakes in local subsidiaries, helping propel secondary share sales to a record $25 billion, data compiled by Bloomberg show.
Other multinationals selling off some of their Indian holdings this year include British American Tobacco Plc, which raised $2 billion selling shares in its Indian partner, and Whirlpool Corp. Meanwhile, South Korean carmaker Hyundai Motor Co. raised $3.3 billion in a record initial public offering of its Indian business.
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