According to a regulatory filing, UK-based Vodafone Group has cleared Rs 11,650 crore or around 109 million pounds it had raised against its stake in Vodafone Idea ( VIL ).
Vodafone Group pledged to raise almost the entire equity stake in VIL. The pledge was created for HSBC Corporate Trust Company (UK) for loans raised by Vodafone Group's Mauritius and India-based entities.
“On December 27, 2024, HSBC Corporate Trustee Company (UK) Limited, acting as security trustee for the lenders, has issued pledges pursuant to repayment of outstanding amounts due to the lenders by the Vodafone promoter shareholders.
Consequently, the indirect encumbrance of 15,720,826,860 equity shares of the target company held by the Vodafone promoter shareholders representing 22.56 percent of the share capital of the target company has been released on a fully diluted basis.
As per Vodafone Idea's closing price of Rs 7.47 per share on December 27, the shares are valued at around Rs 11,649 crore.
As per the latest shareholding pattern, Vodafone Group owns 22.56 per cent stake in VIL while Aditya Birla Group owns 14.76 per cent stake. As on September 30, 2024, the government has 23.15 percent stake.
As of December 28, the stock was trading at Rs 7.56, up 1.20 percent from its closing price of Rs 7.47 on Friday. During Friday's trade, the stock fluctuated between Rs 7.45 and Rs 7.61. Although there was a slight increase, on December 26 Rs.
However, over the past week, the stock has recorded a decline of 1.69, trending lower.