Indus Towers shares fell 6% and dropped to Rs 320.60 and Vodafone Idea stock declined 1.3% to Rs 16.64 after the large block deals.
Vodafone initially aimed to sell 9% equity but increased the block size. The block price range was set at Rs 310-341 per share.
Before the deal, Vodafone held a 21% stake in Indus Towers. This deal is among India's largest, second to the ITC transaction in March 2024.
Buyers will have a 90-day lock-in period. Placement agents include Morgan Stanley, Bank of America, BNP Paribas, and Jefferies
Post-deal, Bharti Airtel acquired a 1% stake, now holding 48.95% in Indus Towers. Vodafone Group retains a reduced stake of around 2%.