Vodafone, the British telecommunications company, announced on Wednesday that it had sold an 18% interest in Indus Towers for 1.7 billion euros (about Rs 15,300 crore).

The majority of the earnings would be used to repay 1.8 billion euros in existing bank borrowings secured against Vodafone's assets in India.

"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18% of Indus' share capital, through an accelerated book-build offering."

"The placing raised Rs 15,300 crore (1.7 billion euro) in gross proceeds which will be used to substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of 1.8 billion euro secured against Vodafone's Indian assets," Vodafone stated in its note.

Following the acquisition, Vodafone currently owns 82.5 million shares, or 3.1 percent of Indus Towers.