Vodafone Idea stock price down by more than 3% today after block deal

26 Apr 2024 , 12:33 PM

Following the exchange of shares valued at ₹2,000 Crore in a block deal, Vodafone Idea shares fell 2% in early trading on April 26.

Approximately 3% of the company’s total equity was represented by the shares.

Vodafone Idea’s stock price was trading at ₹13.45 on the NSE at 12:20 p.m., down 3.24% from the previous closing.

On April 25, Vodafone Idea’s FPO shares became public on the stock exchanges. The Aditya Birla Group company, having secured a sizeable investment from institutional investors, raised ₹18,000 Crore in India’s largest-ever first public offering to date.

The net issue proceeds of ₹12,750 Crore would be used by Vodafone Idea to enhance the network infrastructure through the establishment of new 4G and 5G sites as well as the capacity augmentation of current 4G sites.

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