How much does Vodafone UK now own in Vodafone Idea after the recent stake hike?
Answer
Answer
Prime Metals, a subsidiary of Vodafone PLC of UK, recently hiked its stake in Vodafone Idea by 570.96 million shares. These shares were allotted via preferential issue. With the completion of the preferential issue, the stake of Vodafone PLC in Vodafone Idea has been enhanced from 44.39% to 47.6%.
This is an integral part of the Rs.14,500 crore fund raising plan of Vodafone Idea, of which promoters bring in Rs.4,500 crore. This will enable Vodafone Idea to take on the competitive might of Reliance Jio and Bharti Airtel.