By Ian Walker

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.

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)

Copyright (c) 2017 Dow Jones & Company, Inc.
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