New Delhi: UK-based Vodafone Group has cleared dues of around Rs 11,650 crore, or about 109 million pounds, that it raised against shares of Vodafone Idea, according to a regulatory filing. Vodafone Group had pledged almost the entire stake in VIL to raise the debt. The pledge was created in favour of HSBC Corporate Trustee Company (UK) for the debt raised by Mauritius and India-based entities of Vodafone Group.
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Reportedly, on December 27, HSBC Corporate Trustee Company (UK) Limited, acting as the security trustee for the lenders, released the pledges under the repayment of outstanding dues by the Vodafone Promoter Shareholders owed to the lenders.
Vodafone Group clears Rs 11,650 crore dues in India.
"Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56 per cent of the equity share capital of the target company on a fully diluted basis has been released," the filing said.
The shares are valued at around Rs 11,649 crore as per the closing price of Rs 7.41 apiece of Vodafone Idea stock on Friday. Vodafone Group holds a 22.56 per cent stake, while the Aditya Birla Group holds 14.76 per cent. The government has a 23.15 per cent stake as of September 30, 2024.
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