Shares of Vodafone Idea rose 3.51 percent after the telecom service provider reported it met its 5G rollout obligations across all circles. The company has 5G spectrum in 17 circles and has met the rollout needs for both spectrum bands.
According to CNBC Awaaz, Vodafone Idea has completed network testing in both spectrum bands conducted by the Department of Telecommunications and has fulfilled its rollout obligations, incurring a fine of around ₹1 crore.
In particular, it is mandatory to meet rollout obligations as per the license terms. Failure to complete the rollout on time could have resulted in action against the company, potentially leading to cancellation of Vodafone Idea’s 5G spectrum. The company faced a time limit of August 15, 2024.
Earlier this week, Vodafone announced the sale of 18 percent stake in Indus Towers for €1.7 billion (approximately ₹15,300 crore). The company said most of the proceeds would be used to repay an outstanding bank loan of €1.8 billion secured against Vodafone’s assets in India.
Vodafone Idea recently raised ₹18,000 crore through the country’s largest follow-on public offering (FPO) and an additional ₹2,075 crore from a promoter group entity, successfully completing its ₹20,000 crore equity fund raising effort.
This stock has gained more than 26.27 percent in the last one month. Over the past year, the stock has gained 120 percent, more than doubling investors’ returns, while the Nifty has given around 25 percent returns during the same period.
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