Indus Towers shares experienced a 5% surge in early trading after a significant block deal worth Rs 2,802 crore. This deal involved the exchange of approximately 8 crore shares, representing a 3% stake, at an average price of Rs 354 per share.

Shortly after the announcement, the stock was trading at Rs 365.40 on the NSE, reflecting a remarkable increase of over 95% over the past year. As a result, the market capitalization of Indus Towers has risen to over Rs 96,000 crore.

The block deal occurred as a result of UK's Vodafone Group Plc's decision to completely divest its investment in Indus Towers by selling its remaining stake. This divestment is part of Vodafone's strategy to address pressure from lenders, including BNP Paribas, HSBC, and Bank of America, to repay loans secured against its Indian assets. The proceeds from the sale will primarily be used to facilitate debt repayment, following Vodafone's earlier rights issue for Vodafone Idea.