Vodafone Idea share price declines over 5% post block deal; check all details

According to media reports, as many as 103 crore shares, or 1.44% of the total outstanding equity, changed hands in the transaction. The shares changed hands in 10 transactions.

Details of buyers and sellers in the transaction are not known yet.

Shares changed hands at an average price of ₹7.98 per share, taking the total transaction value to ₹823 crore.

Following this, shares of Vodafone Idea declined 5.55% to ₹7.49 apiece on the National Stock Exchange.

The Government of India on Monday officially raised its stake in the telecom firm to 48.99% after converting its ₹36,950 crore AGR dues.

This week, communication minister Jyotiraditya Scindia also said that the government has no plans to increase its shareholding in Vodafone Idea, as it does not want the telecom operator to turn into a public sector undertaking (PSU).

The government is already the single largest shareholder in the battered company with a 22.6% stake, and the fresh move will take its total holding to more than the combined stake of the company's promoter firms – Vodafone and Aditya Birla Group.

After the recent conversion of ₹36,950 crore of outstanding spectrum auction dues into equity, the government now holds 48.99% shares in Vodafone Idea Ltd. Prior to this, the government's stake was about 22.6%.

Vodafone Idea continues to be the biggest loser in the telecom user base segment. The company lost over 13 lakh mobile subscribers in January.

The telecom’s adjusted gross revenue (AGR) grew 6.69% on a year-on-year basis to ₹7,958.46 crore.

Vodafone Idea shares have gained 1.49% in the last five trading days. Over a month, the stock has gained almost 5%.

However, for a six-month period, VI shares have lost over 2%. Year-to-date it has declined 6.5%.

For a year, the stock has plunged over 46%.

Its market capitalisation stands at ₹81,148.93 crore.