Ericsson India Private Limited has offloaded its stake of approximately 0.6 percent in Vodafone Idea (Vi) through a bulk deal on Tuesday, raising Rs 428.43 crore. According to bulk deal data from the BSE, Ericsson sold 63.37 crore shares at Rs 6.76 apiece. The identities of the buyers were not immediately available.
Also Read: Nokia Sells 0.95 Percent Stake in Vodafone Idea for Rs 786 Crore
Follows Nokia's Exit
The transaction comes shortly after Nokia Solutions and Networks India Pvt Ltd exited its 0.95 percent stake in the telco in late April, raising Rs 785.67 crore by selling 102.7 crore shares at Rs 7.65 each. That deal involved marquee global investors, including Goldman Sachs.
Stakes Acquired Last Year
Ericsson and Nokia had acquired these stakes in Vi last year through a preferential share allotment, priced at Rs 14.80 per share. The move was part of Vi's strategy to clear outstanding dues to the network vendors. Vi allotted 63.37 crore shares to Ericsson to settle dues worth Rs 938 crore, while Nokia received 102.7 crore shares in lieu of approximately Rs 1,520 crore in dues. Following the allotment, Nokia and Ericsson held 1.47 percent and 0.9 percent stakes in Vi, respectively.
Also Read: Communications Minister Rules Out AGR Relief, Says Vodafone Idea Must Stand on Its Own
Govt's Spectrum Dues Conversion
However, their shareholding was diluted earlier this year after the Indian government converted Rs 36,950 crore of Vi's outstanding spectrum dues into equity. This move increased the government's stake in the telco from 22.6 percent to 48.99 percent, consequently reducing Nokia and Ericsson's holdings.
"But after the government recently boosted its holding in Vi to 49 percent, Nokia and Ericsson's stakes had got diluted to around 0.95 percent and a shade below 0.6 percent respectively," ET reported, citing a person aware of the details.
Also Read: No Further AGR Relief for Vodafone Idea, Says Union Telecom Minister
No Further AGR Relief Possible
This stake sale follows Vi's Q4 FY25 results and a confirmation from the Union Telecom Minister reiterating the government's position that no further AGR relief is likely.
According to a report dated June 3, 2025, Telecom Minister Jyotiraditya Scindia confirmed this position, telling CNBC-TV18: "The Supreme Court has ruled on the matter, and that's where it stands. There is nothing on my table at this point."
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