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.
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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)
