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Vodafone-Idea clarifies on reports of Google seeking to buy equity stake, here’s why the stock fell 15%

Desperate telecom major Vodafone-Idea has explained that its Board is as of now not thinking about any proposition for interest in the comping, a day after The Financial Times announced that web mammoth Google could get a 5% value stake in the firm. The telco in a recording to the market controller said that the organization continually assesses different open doors for upgrading the partners’ worth. “As and when such recommendations are considered by the Board of Directors of the Company justifying exposures, the Company will agree to the revelation commitments under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulation”),” it added.Vodafone-Idea was approached to explain after different media reports refered to The Financial Times report, which said that Google was in chats with Vodafone Idea to pick a 5% stake in the organization, in any case, the discussions were supposed to be in beginning periods. Vodafone-Idea’s offer cost flooded as high as 35% on the bourses as financial specialists hurried to pick the stock that has fallen over half over the most recent one year. Vodafone-Idea repeated that it will follow SEBI Listing Regulations and properly keep the stock trades educated regarding all the value touchy data.

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The telecom firm, a joint endeavor between UK-based Vodafone and India’s Aditya Birla Group, has been battling to remain above water after the Supreme Court requested that all telecom administrators take care of their balanced gross income obligations (AGR). Vodafone-Idea has the biggest sum pending under the AGR contribution, totaling to over Rs 58,000 crore. Vodafone-Idea has so far paid around Rs 6,000 crore in levy and gauges its contribution to associate with Rs 21,000 crore. India’s web and broadcast communications space has been seeing tremendous development and rivalry after the passage of Mukesh Ambani-drove Reliance Jio. The three-path fight in the segments has seen Vodafone-Idea drop to the third spot as of late with Bharti Airtel and Reliance Jio battling for Supremacy. Jio has as of late observed a large number of significant ventures from outside financial specialists, placing in an aggregate of Rs 75,000 crore into the firm in under a month’s time. Facebook is the greatest financial specialist in Jio so far with a Rs 43,574 crore venture for a 10% value stake.

 

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