ATC Telecom Infrastructure made a significant move in the telecom sector by selling its entire 2.87% stake in Vodafone Idea for Rs 1,840 crore through an open market transaction. As one of the largest infrastructure service providers for Vodafone Idea, this sale marks a notable development in the telecom landscape.
The transaction involved the sale of 144 crore shares of Vodafone Idea by ATC Telecom Infrastructure Pvt Ltd at an average price of Rs 12.78 per share, resulting in a total deal size of Rs 1,840.32 crore. ATC Telecom Infrastructure previously held a 2.87% stake in Vodafone Idea, which it converted from debentures into equities.
Additionally, Citigroup Global Markets Mauritius acquired over 49.12 crore shares of Vodafone Idea, representing a 0.98% stake, at an average price of Rs 12.70 per share, amounting to a deal value of Rs 623.88 crore. However, Citigroup Global Markets Mauritius also sold 98.74 lakh shares of Vodafone Idea at an average price of Rs 13.47 per share, resulting in a deal size of Rs 13.30 crore.
While the identity of other buyers of the shares remains undisclosed, these transactions underscore the dynamic nature of the telecom sector in India. Vodafone Idea's shares closed at Rs 13.85 apiece on the National Stock Exchange (NSE), experiencing a slight decline of 0.36%.
Earlier, Vodafone Idea successfully raised Rs 18,000 crore through a follow-on public offering (FPO), marking India's largest-ever FPO. The strong subscription to the FPO, which was nearly seven times oversubscribed, demonstrates institutional investor confidence in the telecom operator amidst its debt-laden situation.
