Emirates Telecommunications Group Company (e& formerly Etisalat Group) has confirmed the acquisition of additional shares in the British telecoms giant, Vodafone Group. A stock market statement, e& indicated that the purchase of additional shares had been completed on February 03, 2023.
Emirates Telecommunications Group's stake in Vodafone Group is now increased to an aggregate of 3,537.7 million shares, representing 13.0% of Vodafone's issued share capital (excluding treasury shares). e& reiterated the rationale for the investment was the same as when it paid USD 4.4 billion for a 9.8 per cent holding in May 2022.
Also Read: e& Further Increases Its Stake in Vodafone Group
Attractive Valuation
Emirates Telecommunications Group described the buy as being at an "attractive valuation" in its earlier purchase. In January 2023, Emirates Telecommunications Group increased its stake in Vodafone Group to an aggregate of 3,272.3 million shares, representing 12.0% of Vodafone's issued share capital. In December 2022, the telecom group raised its stake to 3,015.5 million shares, representing 11.0% of Vodafone's issued share capital. The investment rationale is unchanged from e&'s announcement on the 14th of May 2022 as per Emirates Telecommunications Group's stock market statement. Emirates Telecommunications Group termed the transactions to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation.
Also Read: 4iG Successfully Completes Vodafone Hungary Takeover
4iG Group completes Vodafone Hungary Takeover
A few days back, the 4iG Group announced the successful acquisition of Vodafone Hungary. As a result, 4iG acquired a 51 per cent controlling stake in Hungary's second-largest telecom company, and Corvinus Nemzetkozi Befektetesi, a Hungarian State-owned company, acquired the other 49 per cent indirect stake.
Also Read: Vodafone Idea Gets Green Flag to Convert Interest Dues to Equity for Govt
Indian Government cleared Equity conversion of Vodafone Idea dues
Ministry of Communications, Government of India, has directed the Company to convert the NPV of the interest related to the deferment of spectrum auction instalments and AGR Dues into equity shares to be issued to the Government of India. The total amount to be converted into equity shares is Rs 16133,18,48,990. Accordingly, the Company has been directed to issue 1613,31,84,899 equity shares of the face value of Rs. 10 each at an issue price of Rs 10 each.
