Vodafone Group Plc sold an 18% stake in Indian telecom tower company Indus Towers Ltd. for 15,300 crore rupees ($1.83 billion).

The UK-based telecom operator sold 484.7 million shares of Indus Towers through an accelerated book-build offering, Vodafone said in a statement.

Proceeds will be used to substantially repay Vodafone’s existing lenders related to the outstanding bank borrowings of 1.8 billion euros ($1.93 billion) secured against the company’s Indian assets, it added.

Following the latest transaction, Vodafone holds 82.5 million shares in Indus Towers, or a 3.1% stake in the company, according to the statement.

The group, which also holds stake in Indian telecom operator Vodafone Idea Ltd. in partnership with Aditya Birla Group, didn’t disclose the name of the buyers.

Meanwhile, Bharti Airtel Ltd. said it acquired around 26.95 million shares, or a 1% stake, in Indus Towers via on-market transaction today. It didn’t disclose the financial details.

Before the deal, the telecom operator owned a 47.95% shareholding in Indus Towers, Bharti Airtel said in stock exchange announcement.

Note: $1 = 83.4237 Indian rupees/0.93192 euros

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