Nokia Divests Stake in Vodafone Idea Amidst Market Shifts

Nokia Solutions and Networks India sold nearly 1% of its shares in Vodafone Idea for Rs 786 crore. Goldman Sachs acquired 0.55% of shares, totalling Rs 457.96 crore. This follows Vodafone Idea's decision last year to allocate shares to Nokia and Ericsson to clear partial dues.

Nokia Solutions and Networks India divested nearly 1% of its stakes in the financially troubled telecom company, Vodafone Idea, on Friday in a transaction worth Rs 786 crore through the open market.

According to the National Stock Exchange bulk deal data, Nokia sold 102.70 crore shares, equating to a 0.95% stake in the telecom company, at an average price of Rs 7.65 each, summing up to Rs 785.67 crore. At the same time, global investment giant Goldman Sachs acquired 59.86 crore shares, or a 0.55% interest, at the same rate, making the deal worth Rs 457.96 crore. The identities of other stakeholders involved in Vodafone Idea's trade remained undisclosed.

Vodafone Idea's shares fell by 5.93% to conclude at Rs 7.46 apiece on the NSE that day. This move traces back to June of last year when Vodafone Idea pledged shares valued at Rs 2,458 crore to vendors Nokia India and Ericsson India towards settling a portion of their debts.