Vodafone Idea shares in focus as board considers Rs 2,000 crore fundraise from Vodafone Group
Debt-laden telecom company Vodafone Idea is in the spotlight after announcing that its board will consider a proposal to raise Rs 2,000 crore from Vodafone Group entities. This comes as Vodafone Group plans to sell a 3% stake in Indus Towers to clear its USD 101 million (approximately Rs 856 crore) debt and channel the remaining proceeds toward its Indian venture, Vodafone Idea.
"… a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 9 December 2024, inter-alia, to consider proposal for raising of funds not exceeding Rs 2,000 crore, by way of issuance of equity shares and / or convertible securities on a preferential basis to one or more entities belonging to Vodafone Group," the company said in a filing.
Meanwhile, UK’s Vodafone Group Plc has sold its remaining 3% stake in Indus Towers via multiple block deals to a host of marquee global investment banks, international alternative asset managers, big-ticket overseas fund houses, hedge funds, local mutual funds and pension funds, raising around Rs 2,801.7 crore, and fully exited the Indian tower company that is now a Bharti Airtel subsidiary.
NSE block deal data showed Vodafone’s shares in Indus have been acquired by the likes of Morgan Stanley Asia, BofA Securities Europe, Blackstone, Societe Generale, Copthall Mauritius Investment, Vanguard, Optimas Global Alpha Fund, Kotak Mahindra Mutual Fund, ICICI Prudential Life Insurance Co and the National Pension System (NPS) Trust amongst others.
As per NSE block deal data, Omega
