Aditya Birla Group raising Vodafone Idea stake through open market

Market price of Rs 5.5 a share gives opportunity to Birla Group to mop up shares from the stock markets.

The Aditya Birla Group is raising its stake in Vodafone Idea by buying shares from the open market instead of buying them from its partner Vodafone Plc at a far higher price.

According to an agreement inked with Vodafone in 2017, the Birla Group was to acquire an additional 9.5 per cent stake from Vodafone at Rs 130 a share in the merged entity Vodafone Idea. But the current market price of Rs 5.5 a share has given a window of opportunity to the Birla Group to mop up shares from the stock markets. This share purchase plan has the