World’s Largest Outstanding Shares Company: Stock Under Rs 10 Jumps Over 7 Per Today; Here’s Why
The shares of the company saw a spurt in volume by more than 1.96 times on BSE.
On MOnday, one of the Top Gainers on BSE & NSE, shares of this telecom service provider, gained over 7 per cent to Rs 8 per share from its previous closing of Rs 7.47 per share. The stock’s 52-week high is Rs 19.15 and its 52-week low is Rs 6.60 per share. The shares of the company saw a spurt in volume by more than 1.96 times on BSE.
The trending telecom stock is Vodafone Idea Ltd
Update 1: UK-based Vodafone Group has successfully repaid approximately Rs 11,650 crore (equivalent to 109 million pounds) in debt, leading to the release of pledges on its nearly entire stake in Vodafone Idea (VIL). This debt was secured against VIL shares to facilitate funding raised by Vodafone Group entities in Mauritius and India. The repayment was made to lenders, with HSBC Corporate Trustee Company (UK) Limited acting as the security trustee. This release of pledges on 15,720,826,860 equity shares, representing 22.56 per cent of VIL's equity share capital, signifies a significant step for Vodafone Group in its financial restructuring.
Update 2: The Government of India's recent decision to waive the Bank Guarantee (BG) requirement for telecom spectrum auctions held prior to the 2021 reform package is a significant boost for the industry. 1 This move eliminates the need for BGs aggregating to approximately Rs. 24,800 Crore that Vodafone Idea Limited (VIL) previously had to provide. While BGs are not required for 2012, 2014, 2016, and 2021 auctions, a one-time partial shortfall may be necessary for the 2015 auction. 2 The Government's support in this area will free up capital for telecom operators, enabling them to invest more heavily in the expansion of 4G and 5G networks across India.
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About Vodafone Idea Ltd
Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst India’s leading telecom service providers. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms. The company holds a large spectrum portfolio including mid-band 5G spectrum in 17 circles and mm-Wave 5G spectrum in 16 circles. To support the growing demand for data and voice, the Company is committed to delivering delightful customer experiences and contributing towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow.
The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future-ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company’s equity shares are listed on the National Stock Exchange (NSE) and the BSE in India.
The company has a market capitalization of over Rs 54,000 crore with the world’s largest outstanding shares of 69,69,98,16,640 shares. The company's majority of stake i.e., 23.15 per cent, is owned by the Government of India (Department of Investment and Public Asset Management).
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Disclaimer: The article is for informational purposes only and not investment advice.