ATC Telecom Infrastructure on Friday sold its entire 2.87 per cent stake in telecom operator Vodafone Idea for ₹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.
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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 ₹12.78 apiece, taking the deal size to ₹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 ₹12.70, taking the deal value to ₹623.88 crore.
However, Citigroup Global Markets Mauritius offloaded 98.74 lakh shares of VIL at an average price of ₹13.47 per piece.
This took the deal size to ₹13.30 crore.
Other buyers of the shares could not be ascertained.
Shares of Vodafone Idea fell 0.36 per cent to close at ₹13.85 apiece on the NSE.
On Monday, debt-laden telecom operator Vodafone Idea Ltd raised ₹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 ₹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.
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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.