Vodafone Group PLC (VOD.LN) said Wednesday it has placed 90 million shares in its African offshoot Vodacom Group Ltd (VOD.JO) at 165 South African Rand ($12.80) a share, raising ZAR14.85 billion.
Continue Reading Below
The U.K. mobile telecommunications company said late on Tuesday it was selling the shares via a share-placing to meet the minimum 20% free-float requirement imposed by the Johannesburg Stock Exchange.
Vodafone, which recently increased its holding in Vodacom to 69.7% from 65%, will indirectly own 1.11 billion shares in the offshoot after the placing, or 64.5% of its issued share capital.
Write to Ian Walker at firstname.lastname@example.org; @IanWalk40289749
(END) Dow Jones Newswires
September 06, 2017 02:41 ET (06:41 GMT)