Vodafone Idea stock jumps more than 8 per cent after Indus stake sale

Vodafone Idea, an Indian telecom operating company announced sale of its stake in Indus Tower Limited on Friday during the early trading session. Reacting to the news, the share of Vodafone Idea rose 8.74 per cent on BSE.

The telecom operator received a cash consideration of Rs 3,760.1 crore after it sold its stake of 11.15 per cent in Indus Tower. With the merger of Bharti Infratel and Indus Towers, the Vodafone group had received 757,821,804 equity shares of Rs. 10 each with a stake of 28.12 per cent in the merged entity.

Vodafone Idea is one of India's leading telecom service provider. It enjoys 27.1 per cent market share in mobile telecom segment, 17 per cent in 4G subscribers and 16.5 per cent market share in broadband services.

On Friday, the share of Vodafone Idea Limited closed 8.31 per cent higher to Rs 10.04 and it recorded an intraday high of Rs 10.13 and intraday low of Rs 9.50. Moreover, the share of Bharti Infratel Limited zoomed 17.73 per cent and closed at Rs 218.5 on BSE.