Vodafone Idea dismisses report of Google buying stake

A day after report of possible stake purchase by Google, Vodafone Idea clarified that there is no proposal being currently considered at the company board. On Thursday, there was a report that the American tech giant Google is eyeing a 5 per cent stake in the debt-laden firm, a telecom joint venture between Vodafone PLC of UK and Aditya Birla group.

“As part of corporate strategy, the Company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the Board of Directors of the Company warranting disclosures, the Company shall comply with the disclosure obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulation”),” Vodafone Idea said in the regulatory filing on Friday. “Currently, there is no proposal as reported by the media that is being considered at the Board,” it added.

Earlier, Vodafone Idea share price hit the upper circuit in early trade today after the report. Share price of Vodafone Idea gained 35 per cent to Rs 7.85 compared to the previous close of Rs 5.82 on BSE. Vodafone Idea stock has gained 32.97 per cent in the last five days. Shares of Vodafone Idea closed the intraday trade at 6.56, up 0.74 points, or 12.71 per cent on BSE.

The report comes after social media giant Facebook picked up 9.9 per cent stake for Rs 43,574 crore ($5.7 billion) in Mukesh Ambani-led Jio Platforms.  General Atlantic, Silver Lake Partners, Silver Lake Partners and KKR are other investors to have picked stakes in Jio in recent weeks.

Source: Business Today

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