ATC Telecom Infra sells 2.8% stake in Voda Idea for ₹1,840 crore

economictimes.indiatimes.com:

Vodafone Idea on Friday through open market transaction. As many as 144 crore shares were sold by the ATC Telecom at ₹12.78 a share, valuing the deal at ₹1,840 crore. Citigroup Global bought shares worth ₹611 crore through bulk deals, while rest of the buyers were unknown.
Shares of Vodafone gained about a percent on Friday to close at ₹14.01 apiece.

Last month, ATC had converted the debentures allotted by Vodafone Idea into equity. In February2023, Vi had allotted OCDs worth ₹1,600 crore to ATC's India unit against its dues. Vi was then estimated to owe ATC around ₹2,000 crore.

In January 2024, Canada's Brookfield acquired ATC's India unit in a $2.5 billion (about ₹21,000 crore) all-cash deal, which is likely to close in the second half of 2024. ATC, though, said that it would retain the full economic benefit associated with the OCDs issued to it by Vi, and would be entitled to receive future payments relating to existing ATC India receivables.

Last week, Vi raised ₹18,000 crore trough follow-on public offer (FPO), which was subscribed 6.36 times, with strong demand from global institutional investors.

Vodafone Idea, formed by the merger of the Aditya Birla Group's Idea Cellular and the India unit of Vodafone Plc in 2018, had priced the issue at ₹10-11 a share, a 26% discount to the ₹14.87 a share that was recently set for the preferential issue to one of the promoters.