Vodafone Group Public Limited Company (LSE:VOD) plans to raise as much as USD 1.1 billion ($1.65 billion) by selling part of its stake in an Indian telecom tower operator, according to a term sheet seen by The Wall Street Journal. The UK telecom operator plans to sell 268.0 million shares, representing a 9.94% stake in Indus Towers Limited (NSEI:INDUSTOWER). Vodafone intends to sell shares at a price in a range of INR 310 to INR 341, equivalent to USD 3.72-USD 4.09 a share.

The term sheet said the transaction could happen as one or more share sales on the screen-based trading platform of Indian stock exchanges.