ATC Telecom exits Vodafone Idea; sells stake for Rs 1,840 crore

ATC Telecom Infrastructure on Friday sold its entire 2.87 per cent stake in telecom operator Vodafone Idea for Rs 1,840 crore through an open market transaction.

American Tower Corporation (ATC) Telecom Infrastructure is one of the largest infrastructure service providers for Vodafone Idea. According to the bulk deal data available on the National Stock Exchange (NSE), ATC Telecom Infrastructure Pvt Ltd sold a total of 144 crore shares, representing a 2.87 per cent stake in Vodafone Idea (VIL).

The shares were disposed of at an average price of Rs 12.78 apiece, taking the deal size to Rs 1,840.32 crore.

ATC Telecom Infrastructure held a 2.87 per cent stake in VI as it has recently converted debentures into equities.

Meanwhile, Citigroup Global Markets Mauritius acquired more than 49.12 crore shares, amounting to a 0.98 per cent stake in VIL. The shares were bought at an average price of Rs 12.70, taking the deal value to Rs 623.88 crore.

However, Citigroup Global Markets Mauritius offloaded 98.74 lakh shares of VIL at an average price of Rs 13.47 per piece.

This took the deal size to Rs 13.30 crore.

Other buyers of the shares could not be ascertained.

Shares of Vodafone Idea fell 0.36 per cent to close at Rs 13.85 apiece on the NSE.

On Monday, debt-laden telecom operator Vodafone Idea Ltd raised Rs 18,000 crore, pulling off India's largest-ever follow-on public offering (FPO) as the issue got subscribed nearly seven times after institutional investors poured in money.

Vodafone Idea sold shares worth Rs 5,400 crore to institutional investors in the first phase last week. Investment firms GQG and Fidelity picked up most of the shares during the anchor book allocation.

The fundraising will arm VIL with ammo to improve its competitive positioning in the Indian telecom market, where it trails Reliance Jio and Bharti Airtel, by a wide margin.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)