Ericsson Sheds Stake in Vodafone Idea Amidst Debt Challenges
Vodafone Idea's shares dropped nearly 2% after Ericsson India sold a 0.9% stake for Rs 428 crore. The sale, executed at an average price of Rs 6.76, affected the stock's value on both the BSE and NSE. Despite identifying no buyers, Vodafone Idea recently showed reduced losses and plans for further fundraising.
- Country:
- India
Shares of Vodafone Idea experienced a near 2% decline on Wednesday following Ericsson India's sale of almost 1% of its stake in the company. The transaction, valued at Rs 428 crore, was executed via an open market sale.
On the BSE, Vodafone Idea's stock price fell by 1.91%, closing at Rs 6.65, while the NSE recorded a 1.77% dip to the same price. Ericsson India offloaded more than 63.37 crore shares, totaling a 0.9% stake in the Mumbai-based telecommunications firm. The shares were sold at an average price of Rs 6.76 each.
Details regarding the buyers of these shares remain undisclosed by the exchange. Last week, Vodafone Idea announced a reduction in its March quarter losses to Rs 7,166.1 crore and received board approval for a fundraising initiative of up to Rs 20,000 crore.
(With inputs from agencies.)
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