ATC Telecom Infrastructure recently made a significant move by selling its entire stake in Vodafone Idea.
ATC Telecom Infrastructure Pvt Ltd sold a total of 144 crore shares, representing a 2.87% stake in Vodafone Idea. The shares were disposed of at an average price of Rs 12.78 apiece, resulting in a deal size of Rs 1,840.32 crore.
Citigroup Global Markets Mauritius acquired more than 49.12 crore shares, amounting to a 0.98% Stake in VIL. The shares were bought at an average price of Rs 12.70, taking the deal value to Rs 623.88 crore.
The identities of other buyers of the shares remain unknown.
ATC Telecom Infrastructure held a 2.87% stake in Vodafone Idea, having recently converted debentures into equities.
Shares of Vodafone Idea fell 0.36% to close at Rs 13.85 apiece on the National Stock Exchange (NSE).
This development comes after Vodafone Idea raised Rs 18,000 crore through India's largest-ever follow-on public offering (FPO), positioning itself to improve its competitive standing in the Indian telecom market.
With ATC's exit, the ownership structure of VIL undergoes modification. The remaining shareholders will have a slightly larger proportion of ownership. The entry of Citigroup Global Markets Mauritius as a new shareholder further diversifies the ownership base.
The stake sale provides VIL with additional liquidity, albeit indirectly. As ATC Telecom Infrastructure exits, Vodafone Idea's ownership structure changes, potentially influencing financial decisions.
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