Vodafone Idea shares in focus after GoI’s stake in telecom company jumps to 48.99%

Vodafone Idea share price will remain in focus in Wednesday’s trading session after the telecom major allotted 3,695 crore equity shares valued at ₹36,950 crore to the Department of Investment and Public Asset Management (DIPAM), following the government’s decision to convert the telecom company’s spectrum auction dues into equity. As a result of this share issuance, the government now holds a 48.99% stake in Vodafone Idea’s enlarged paid-up capital.

On Tuesday, Vodafone Idea share price closed 2.58 per cent lower at ₹7.17. The stock has descended over 10.38 per cent in past five trading sessions.