ATC Telecom Infrastructure on Friday sold its entire 2.87% stake in telecom operator Vodafone Idea for Rs 1,840 crore in an open market transaction.
American Tower Company (ATC) Telecom Infrastructure is Vodafone Idea’s largest infrastructure service provider.
According to National Stock Exchange (NSE) block trade data, ATC Telecom Infrastructure Pvt Ltd sold a total of 1.44 billion shares, equivalent to 2.87% stake in Vodafone Idea (VIL).
The average price of these shares was Rs 12.78 per share and the transaction size reached Rs 1,840.32 billion.
ATC Telecom Infrastructure, which recently converted its bonds into stock, has a 2.87% stake in VI.
Meanwhile, Citigroup Global Markets Mauritius has acquired shares worth over Rs 4,912 crore, equivalent to 0.98 per cent stake in VIL. Shares traded at an average price of Rs 12.70 and traded at a value of Rs 623.88 crore.
However, Citigroup Global Markets Mauritius sold 98.74 million VIL shares at an average price of Rs 13.47 per share.
This takes the deal size to Rs 133 million.
No other buyer of the shares has been identified.
Vodafone Idea shares closed down 0.36% at Rs 13.85 on the NSE.
Debt-laden telecom operator Vodafone Idea Ltd on Monday raised Rs 18,000 crore in India’s biggest ever follow-on public offer (FPO), which was subscribed nearly seven times after pouring in money from institutional investors.
Vodafone Idea sold shares worth Rs 5,400 crore to institutional investors in the first round last week. Investment firms GQG and Fidelity acquired most of the shares during the original book distribution period.
The funding will provide ammunition for VIL to improve its competitive position in India’s telecom market, where it lags significantly behind Reliance Jio and Bharti Airtel.
(Only the headlines and images in this report may have been reworked by Business Standards staff; the rest of the content was automatically generated from syndicated sources.)
Tags: ATC Telecom Infra exits Vodafone Idea sells entire stake
