ALL >> Business >> View Article
Vodafone Idea Soars 7% Following Bank Guarantee Waiver
After receiving a letter regarding waiver of bank guarantees from the Department of Telecommunications (DoT), shares of Vodafone Idea Ltd (VIL) surged by 7%. Vodafone Group also settled outstanding dues to the tune of ₹11,650 crore, which was secured against its stake in the domestic telecom operator.
After receiving a letter regarding waiver of bank guarantees from the Department of Telecommunications (DoT), shares of Vodafone Idea Ltd (VIL) were up by 7%. Vodafone Group also settled outstanding dues to the tune of ₹11,650 crore, which was secured against its stake in the domestic telecom operator.
Shares of Vodafone Idea soared by 7.09% to hit at ₹8 on BSE. As per an exchange filing, the company said, “We wish to inform you that DoT vide its communication dated 27 December 2024, has dispensed with the requirement of submission of Financial Bank Guarantees for the Spectrum acquired in Spectrum Auction held in 2012, 2014, 2015, 2016 and 2021, subject to certain terms and conditions.”
Prior to the recent reform, VIL was mandated to provide bank guarantees worth ₹24,800 crore for each spectrum installment, ...
... which is 13 months before the installment due date for the auction. VIL said that bank guarantees have been waived off for the 2012, 2014, 2016, and 2021 auctions out of the five auctions.
However, the company said that there would be a one-time partial shortfall for the 2015 auction, in which Net Present Value (NPV) of all payments will be less than pro-rated value of the used spectrum. VIL is currently in discussions with the Department of Telecommunications (DoT) to finalise the amount of this partial shortfall.
Recently, Geojit Financial Services reduced the target price to ₹8.60 apiece from ₹17 in August. The new target price hints a potential upside of 10% from Tuesday's closing price of ₹7.80.
Shares of Vodafone Idea Ltd are currently trading at ₹7.81 apiece.
Read in Bizzbuzz
#vodafoneidea #vodafoneideashares #vodafoneideastock #vodafoneideashareprice #vodafoneideastockprice
https://www.bizzbuzz.news/markets/stock-market/vodafone-idea-soars-7-following-bank-guarantee-waiver-1347150
Bizz Buzz, launched on November 18, 2020, is the ambitious digital-first business daily from Hyderabad Media House Limited
Add Comment
Business Articles
1. Green Lab-grown Diamonds Supplier In Surat: Everything You Should KnowAuthor: Shikha
2. Yellow Lab Grown Diamonds Supplier In India: Complete Buyer’s Guide
Author: Shikha
3. Jacksons Fencing: Your Premier Choice For Timber Fencing, Security Fencing, And Acoustic Solutions
Author: Vikram kumar
4. How To Find A Reliable Red Lab-grown Diamond Supplier Online
Author: Shikha
5. Lucintel Forecasts The Global Disodium Edta Market To Grow With A Cagr Of 4.3% From 2024 To 2031
Author: Lucintel LLC
6. Why Google Organic Rankings Trump Ppc For Long-term Success
Author: Vikram kumar
7. Sun Energy Celebrates 200 Mw Operating Capacity Milestone At Lamipak Indonesia
Author: Lamipak
8. Certified Dual Pressure Sensor Repair & Testing Solutions For Industrial Control Systems
Author: Priyadharshini
9. Lucintel Forecasts The Global Cyclohexylamine Market To Grow With A Cagr Of 5.3% From 2024 To 2031
Author: Lucintel LLC
10. Top Tax Advisory Firms In India For Businesses And Startups (2026 Guide)
Author: DGA Global
11. Improving Customer Experience With Predictive Data Analytics
Author: chainsys
12. Lucintel Forecasts The Global Concrete Floating Floor System Market To Grow With A Cagr Of 7.2% From 2024 To 2031
Author: Lucintel LLC
13. Smartkidz Global – Inspiring Early Childhood Education In Hyderabad
Author: smatkitdzglobal
14. What Are Statutory Compliance Services And Why They Matter For Businesses
Author: Futurz Hr
15. Astm A 387 Grade 12 Class 2 Plates Suppliers In India
Author: Mukesh Mehta