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Vodafone Idea shares inched up sharply on Monday, closing the week's opening session almost 10 per cent higher from the previous day's closing.
This sharp shot up in share prices of the telecom company come close on heels of a media report, that cited unnamed sources, and claimed that private equity firm Tillman Global Holdings (TGH) is in negotiations to invest USD 4-6 billion (around Rs 35,000-52,800 crore) in Vodafone Idea (Vi) and take operational control of the "cash-strapped and loss-making telecom operator". The shares of Vodafone Idea closed the Monday session at Rs 9.58, up 9.74 per cent. At one point, the shares were at Rs 9.96, its intra-day high. So far this year, Vodafone Idea shares have risen 20 per cent on a cumulative basis. Over the past six months, they rose 34 per cent, data showed. At 15.40 IST, minutes after the market closing, the telecom company informed stock exchanges that "Currently, there is no proposal being considered by the Board that requires disclosure as reported by the media." The company added that it keeps exploring various opportunities and options to raise funds within the authorisations given by the Board. "As and when such proposals are considered by the Board of Directors of the Company that warrant disclosures, the Company complies with the disclosure obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulation")," the Vodafone Idea said in its stock exchange filing today. "We wish to reiterate and clarify that the Company will comply with SEBI Listing Regulations and duly keep the stock exchanges informed of all the price-sensitive information," the statement concluded. In a significant relief to Vodafone Idea, the Supreme Court on October 27 allowed the Centre to reconsider the issue of additional adjusted gross revenue (AGR) demands raised by the Department of Telecommunications (DoT) for the period up to FY 2016-17. A bench of Chief Justice of India BR Gavai and Justice K Vinod Chandran took note of the government's submission that it is willing to examine and reconsider the issue raised by Vodafone Idea. Solicitor General Tushar Mehta, appearing for the Centre, told the bench that the government has a 49 per cent stake in the company and 20 crore customers are at stake. The apex court allowed the Centre to reconsider the issue, as it falls within the government's policy domain. This apex court observation, according to some analysts, also favoured the latest Vodafone Idea stock price rise. (ANI)
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