Vodafone Idea shares soar 4% after completing 5G rollout obligation
Vodafone Idea, a leading telecom service provider, has witnessed 4% surge in its share price today. This increase is attributed to the company's successful completion of its 5G rollout obligation across all circles, as confirmed by the Department of Telecommunications. The company's shares closed at ₹17.14 on the National Stock Exchange (NSE), marking a 3.7% rise from the previous close.
Vodafone Idea fulfills 5G rollout obligation, avoids license cancellation
Vodafone Idea holds a 5G spectrum in 17 circles and has successfully fulfilled its rollout obligation in concerned spectrum bands. The company faced a penalty of nearly ₹1 crore for not meeting the deadline set for August 15, 2024, as reported by CNBC Awaaz. Failure to fulfill these obligations could have led to potential cancelation of its 5G spectrum license.
Vi sells 18% stake in Indus Towers to repay loan
Earlier this week, Vodafone Idea announced the sale of an 18% stake in Indus Towers for €1.7 billion (approximately ₹15,300 crore). The majority of these funds will be used to repay €1.8 billion in outstanding bank borrowings secured against Vodafone's assets in India. This decision was largely influenced by persistent pressure from lenders regarding an outstanding loan taken five years ago.
Vodafone Idea concludes ₹20,000 crore equity fundraising exercise
Vodafone Idea recently raised ₹18,000 crore through India's largest Follow-on Public Offer (FPO) and an additional ₹2,075 crore through a promoter group entity. This marks the successful completion of its ₹20,000 crore equity fundraising exercise. Over the past year, the company's stock has seen a substantial gain of 120%, more than doubling investors' money. The company plans to begin 5G rollout around Diwali.
