Vodafone Places 90 Million Vodacom Shares at ZAR165

By Ian Walker Features Dow Jones Newswires

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.

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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 ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

September 06, 2017 02:41 ET (06:41 GMT)