This development follows a similar move by Nokia Solutions and Networks India in April, when it sold its 0.95% stake in Vi through a bulk deal to global investment banks, including Goldman Sachs, raising Rs 785.67 crore. Nokia offloaded 102.7 crore shares at Rs 7.65 each.
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Last year, Vodafone Idea had allotted 63.37 crore shares to Ericsson and 102.7 crore shares to Nokia through a preferential issue at Rs 14.80 per share to partially settle dues of Rs 938 crore and Rs 1,520 crore, respectively.The preferential allotment was part of Vi’s Rs 2,458-crore fundraising plan to pay its network vendors. Following the issuance, Nokia and Ericsson held 1.47% and 0.9% stakes in Vi, respectively.
However, their stakes were diluted after the Indian government converted Rs 36,950 crore of Vi’s spectrum dues into equity earlier this year, increasing its stake from 22.6% to 49%. This move reduced Vi’s statutory liabilities and is expected to ease its cash flow burden over the next three years.
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Vodafone Idea Share Price Target and Performance
According to Trendlyne, the average target price for Vodafone Idea is Rs 8, indicating an upside of around 18% from current levels. Among the 22 analysts tracking the stock, the consensus rating is ‘Sell’.
On Tuesday, Vi shares closed at Rs 6.78 on the BSE, down 3.7%, mirroring the broader market trend. The benchmark Sensex declined 0.78% on the day. Vi shares have fallen 9% over the past three months and are down 58% over the past year. The company’s market capitalisation currently stands at Rs 73,456 crore.
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(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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