Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday. The British firm said it has launched a placing of its remaining 79.

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.

British telecom company Vodafone will sell 3 per cent stake in Indus Towers to clear its debt of $101 million or about Rs 856 crore and use the residual amount to pay outstanding dues of its Indian venture Vodafone Idea.

British telecommunications major Vodafone announced on Wednesday it has initiated the sale of its remaining 79.2 million shares in Indian telecom firm Indus Towers - a 3% stake - through an accelerated book build offering.

Kotak and BofA are learnt to be the brokers for the share sale by Vodafone Plc's units Omega Telecom and Usha Martin Telematics. Bharti Airtel, the other promoter entity holds 50% in the company.

After the transaction, the telco held over 3% stake in Indus Towers. Indus Towers is India's largest telecom tower provider, with over 219,736 towers across all 22 telecom circles

Vodafone Group moved to sell off its remaining 3 per cent stake in India infrastructure player Indus Towers, a few months after offloading an 18 per cent holding for INR153 billion ($1.8 billion). In a filing, Vodafone stated it had begun a process to sell its remaining 79.2 million shares through a placing.

Vodafone Plc said that the funds from the sale of its remaining 3 percent equity stake in Indus Towers will be used to repay $101 million in outstanding borrowings, which are secured against its Indian assets.