Kumar Mangalam Birla upped stake in V, buying 1.86 crore shares

Aditya Birla Group ABG Chairman Kumar Mangalam Birla has increased his stake in telecom venture Vodafone Idea (Vi) underlining his faith in the struggling telco which has raised Rs. 24,000 to back up equity funding of Rs. 25,000 crore debt collection. Crore

Birla bought 1.86 crore shares in Vi on September 6, according to data available on the National Stock Exchange. Birla’s investment vehicle Pilani Investment and Industries Corporation also bought 3 million shares of the operator on the same day.

Vi’s share on September 6 was Rs. 14.74 per unit and opened at Rs. Closed at 13.35. However, the purchase price of the above deal was not available.

But on September 6 closing price for Birla was Rs. 24.8 crore and for Pilani Investment and Industries Rs. 4 crore will be purchased.

Shares of Vodafone Idea rose 2.88% on Tuesday to Rs. It closed at 13.58.

ET reported on Tuesday that in recent weeks, Vi had approached state-owned lenders Power Finance Corporation (PFC) and REC Ltd for loans to meet medium-term funding requirements.

The telco is also discussing partial funding of its requirements with State Bank of India, which may lead a consortium of lenders to meet the bulk of the funding.