Vodafone Idea Clears Outstanding Dues to Indus Towers with Parent's Capital Infusion
Vodafone Idea has taken a significant step by clearing its outstanding Master Service Agreement (MSA) dues to Indus Towers.
Vodafone Idea has taken a significant step by clearing its outstanding Master Service Agreement (MSA) dues to Indus Towers. This was made possible through a capital infusion from its global parent company, Vodafone Group Plc. However, the telecom major's share price continues to reflect challenges, with substantial declines over the past few months.
Key Developments
-
Capital Infusion and Debt Clearance
- Vodafone Idea utilized funds infused by Vodafone Group Plc to clear MSA dues to Indus Towers.
- In a filing to the London Stock Exchange on January 10, Vodafone Plc confirmed that all obligations to Indus Towers under the security agreement had been fully satisfied.
-
Exit from Indus Towers
- On December 5, Vodafone Group Plc exited Indus Towers by selling its remaining 79.2 million shares, representing 3% of Indus' share capital.
- The sale raised ₹2,800 crore, with ₹890 crore allocated for repaying secured borrowings and transaction fees.
- The remaining ₹1,910 crore was used to acquire 1.7 billion equity shares of Vodafone Idea via a preferential allotment, increasing Vodafone's stake in the company from 22.56% to 24.39%.
-
Share Price Performance
- Vodafone Idea’s share price dropped 3.4% on January 10, closing at ₹7.66 per share on the BSE.
- Over the past six months, the stock has declined more than 53%, and it remains over 30% below its FPO price of ₹11.
-
Historical Stock Movement
- The telecom stock hit a 52-week high of ₹19.15 on June 28, 2024, and a 52-week low of ₹6.60 on November 22, 2024.
- As of 2:25 PM on January 10, Vodafone Idea shares were trading at ₹7.75, marking a 2.27% intraday decline and a market capitalization of ₹54,017 crore.
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