GAGA Share Market News

[hfe_template id='11223'] [ad_1] UK-based telecom operator Vodafone PLC on Thursday completed its exit from Indus Towers by selling a 3% stake in the company for around Rs 2,800 crore in a block deal. The fund raise, Vodafone said, will be used to to repay debt in Vodafone Idea (Vi). Following the block deal, shares of Indus Towers rallied up to 5% while Vodafone Idea shares were trading around 2% lower. In the block deal carried out this morning, around 8 crore shares of Vodafone Idea changed hands at an average price of Rs 354 per share, according to TV reports. "The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of $101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets," Vodafone said in a statement. The telco said it intends to contribute the residual proceeds from the sale after repayment of Vodafone's outstanding borrowings towards an issue of new equity shares by Vi...

[hfe_template id='11223'] [ad_1] Shares of Bharti Airtel will be in focus on Tuesday after the company prepaid dues worth Rs 8,465 crore to the government, partially settling its outstanding spectrum fees from a 2016 auction, the telecom carrier announced on Monday. “Bharti Airtel, one of India’s leading telecommunications service providers, today said that it has prepaid Rs 8,465 crore to the Department of Telecom (Government of India) against spectrum acquired in 2016. These liabilities carried an interest rate of 9.3%,” the company stated in its press release. The company’s stock dropped 1.5% on Monday, closing at Rs 1,709.90. This payment is the first made by the country’s second-largest telecom operator for the spectrum it acquired for $2.13 billion in 2016. Spectrum refers to the rights to use specific airwaves for a designated period. Telecom operators have accrued substantial dues to the government for spectrum fees due to years of intense auctions and competitiv...