Vodafone Idea trades higher as British telecom major Vodafone raises stake to 47.61%

Vodafone Idea’s counter sets a higher tone in today’s trade as the British telecom giant Vodafone raised its stake in the debt-ridden company. Vodafone has raised its stake to 47.61% through its subsidiary Prime Metals from the existing 44.39% stake in the company.

Prime Metals has acquired 2,18,55,26,081 equity shares, representing 7.61 per cent of the equity share capital of Vodafone Idea Limited through allotment of equity shares pursuant to a preferential issue of the company.

Vodafone Idea has informed that the board of directors has approved the allotment of 338.30 crore equity shares at a price of Rs13.30 per scrip to three promoter group entities Prime Metals, Euro Pacific Securities, and Oriana Investments for a total sum of Rs4,500 crore.

Vodafone’s stock was trading at Rs10.23 against its previous close of Rs10.10 on BSE, up by 1.29%. It touched intraday high and low of Rs10.33 and Rs10.06 respectively.