A man uses an umbrella as he walks past a Vodafone mobile phone store in Liverpool, Britain, October 8, 2024.
| Photo Credit: Reuters
U.K.-based Vodafone Group has cleared dues of around ₹11,650 crore or about 109 million pound that it raised against shares of Vodafone Idea, according to a regulatory filing.
Vodafone Group had pledged almost the entire stake in VIL to raise the debt.
The pledge was created in favour of HSBC Corporate Trustee Company (U.K.) for the debt raised by Mauritius and India-based entities of Vodafone Group.
“On 27 December 2024, HSBC Corporate Trustee Company (U.K.) Limited acting as the security trustee for the lenders has released the pledges pursuant to repayment of the outstanding dues owed to the lenders by the Vodafone Promoter Shareholders.
“Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released,” the filing said.
“Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released,” the filing said.
The shares are valued at around ₹11,649 crore as per the closing price of ₹7.41 apiece of Vodafone Idea stock on Friday.
Vodafone Group holds a 22.56% stake, while the Aditya Birla Group holds 14.76%. The government has a 23.15% stake as of September 30, 2024.
Published – December 28, 2024 10:39 pm IST