After a report claimed that Vodafone Idea has fulfilled its 5G deployment commitment across all circles, the telecom service provider's shares increased by almost 4%. The corporation has finished the deployment requirement in both spectrum bands and has a 5G spectrum in 17 circles.
The Department of Telecommunications tested Vodafone Idea's network in both spectrum bands. Citing sources, CNBC Awaaz stated that the corporation has fulfilled its rollout commitment with a penalty of about Rs 1 crore.
Specifically, you must fulfill your rollout responsibilities in accordance with the license conditions. If the deployment had not been finished in accordance with the requirements, legal action may have been taken against the corporation. The 5G spectrum owned by Vodafone Idea could have been canceled. The deadline for the firm was August 15, 2024.
Vodafone declared earlier this week that it had sold an 18% share for €1.7 billion (about Rs 15,300 crore) in Indus Towers. The majority of the earnings, according to the business, would be used to pay back €1.8 billion in outstanding bank loans that are secured by Vodafone's Indian assets.
One of the main reasons the telco's UK parent sold its interest was the ongoing pressure from lenders about an outstanding debt that was taken out about five years ago.
Vodafone Idea has successfully completed its equity fundraising campaign of Rs 20,000 crore, having collected Rs 18,000 crore through the biggest Follow-on Public Offer (FPO) in the country and an additional Rs 2,075 crore through a promoter group business.
Vodafone Idea shares were up 3.4% at Rs 17.09 on the National Stock Exchange (NSE) at 1:23 PM. The stock has increased by 120 percent in the past year, more than doubling the money of investors. Nifty, on the other hand, produced gains of almost 25% throughout this time.
