In Short:
Citigroup sold shares of Vodafone Idea for over Rs 233 crore through an open market transaction. Citigroup Global Markets Mauritius Pvt Ltd disposed of 19,04,25,000 shares of Vodafone Idea at an average price of Rs 12.27 apiece. The transaction value was Rs 233.65 crore. Meanwhile, Ghisallo Master Fund LP acquired the shares at the same price. Shares of Vodafone Idea jumped 2.67% to close at Rs 12.71 on the BSE.
Citigroup Sells Vodafone Idea Shares Worth Over Rs 233 Crore
Financial services company Citigroup has sold shares of telecom company Vodafone Idea for over Rs 233 crore through an open market transaction. The US-based Citigroup, through its affiliate, Citigroup Global Markets Mauritius, offloaded shares of Vodafone Idea through a block deal on the BSE.
Sale Details
Citigroup Global Markets Mauritius Pvt Ltd disposed of 19,04,25,000 shares of Vodafone Idea, as per the data on the BSE. The shares were disposed of at an average price of Rs 12. 27 apiece, resulting in a transaction value of Rs 233. 65 crore. The sale of Vodafone Idea shares by Citigroup Global Markets Mauritius Pvt Ltd comes at a time when the telecom industry in India is facing challenges, including fierce competition and pricing pressure. The industry is also striving to achieve arpu growth in telecom industry as it looks to improve its financial health and investment prospects. With the disposal of such a large number of shares, it will be interesting to see how this move impacts the future of Vodafone Idea and the overall telecom sector in India.
On the same day, Ghisallo Master Fund LP acquired the shares of Vodafone Idea at the same price. Following this transaction, shares of Vodafone Idea saw a 2.67% increase, closing at Rs 12.71 per piece on the BSE.
