Shares of Vodafone Idea rose 3.51 percent following a report that the telecom service provider had fulfilled its 5G rollout obligations across all circles. The company holds 5G spectrum in 17 circles and has met the rollout requirements for both spectrum bands.
According to CNBC Awaaz, Vodafone Idea completed network testing in both spectrum bands as conducted by the Department of Telecommunications and has fulfilled its rollout obligations, incurring a penalty of approximately ₹1 crore.
Notably, fulfilling rollout obligations as per the license terms is mandatory. Failure to complete the rollout on time could have resulted in action against the company, potentially leading to the cancellation of Vodafone Idea’s 5G spectrum. The company faced a deadline of August 15, 2024.
Earlier this week, Vodafone announced the sale of an 18 percent stake in Indus Towers for €1.7 billion (approximately ₹15,300 crore). The company stated that the majority of the proceeds will be used to repay €1.8 billion in outstanding bank loans secured against Vodafone’s assets in India.
Vodafone Idea recently secured ₹18,000 crore through the country’s largest Follow-on Public Offer (FPO) and an additional ₹2,075 crore from a promoter group entity, successfully completing its ₹20,000 crore equity fundraising effort.
The scrip has gained over 26.27 per cent in the last one month. Over the past year, the stock has surged 120 percent, more than doubling investors’ returns, compared to the Nifty, which delivered around 25 percent returns during the same period.
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Published: 21 Jun 2024, 04:00 PM IST
