Bulk deals: ATC Telecom offloads entire stake in Vodafone Idea

Bulk deals: ATC Telecom offloads entire stake in Vodafone Idea

ATC Telecom Infrastructure on April 26 sold its entire 2.87 percent stake in Vodafone Idea comprising 144 crore shares, at an average price of Rs 12.78. The total value of the shares sold by ATC stood at Rs 1840.32 crore.

Notably, ATC Infra had recently converted its debentures into equity.

Citigroup Global Markets Mauritius picked up 49.12 crore shares at Rs 12.7 per share and later sold 98.74 lakh shares at Rs 13.47 per share. This resulted in Citigroup Global Markets Mauritius buying 0.73 percent stake.

Shares of Vodafone Idea fell 3.24 percent to Rs 13.45 on NSE.

Vodafone Idea raised Rs 18,000 crore in the largest-ever FPO in India. The FPO shares were listed on the bourses on April 25.

The company will spend Rs 12,750 crore from the fund raising to expand their 4G network infrastructure and add 5G capabilities to compete with rivals Reliance Jio and Bharti Airtel who have already rolled out 5G network.

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