Vodafone Idea share price gains 4%

Vodafone Idea share price gains 4%

Vodafone Idea share price gained over 4 percent intraday on November 20 after the telecom firm sold its 11.15 percent stake in Indus Towers for Rs 3,760 crore.

The merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received Rs 3,760.1 crore cash for its 11.15 percent holding in Indus, a regulatory filing said on November 19.

Vodafone Group will hold a 28.12 percent stake in the merged entity, while the holding of Airtel Group will be about 36.7 percent.

"the Board has allotted 757,821,804 equity shares of Rs 10 each to the Vodafone group and 87,506,900 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 percent and 3.25 percent respectively in the post-issue share capital of the company," Bharti Infratel said in the filing.