Vodafone Group has said it will sell off its remaining three percent stake in Indian tower company, Indus Towers.
In a regulatory filing on Wednesday, the UK carrier confirmed it has placed its remaining 79.2 million shares in the entity through an accelerated book build offering.
Vodafone said it would use the proceeds to "firstly to repay Vodafone's outstanding borrowings of c.US$101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets."
Earlier this year, Vodafone sold an 18 percent stake in Indus Towers, worth €1.7 billion ($1.78bn).
The telco was linked with a full sale from Indus, worth $2.3bn, just weeks prior to the 18 percent stake sale.
Indus operates around 220,000 cell towers in India, with Bharti Airtel also a shareholder in the company. Airtel's stake in the company is worth 49 percent.
The company was founded in 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, the latter two of which would eventually merge.
Private equity giant KKR and Canadian fund CPPIB sold their stakes in Indus in February.
Today's sale adds to Vodafone's recent $5bn sale of its Spanish business to Zegona, plus the planned $8.7bn sale of its Italian unit to Swisscom.
