The Aditya Birla Group is reportedly planning to raise its stake in Vodafone Idea Limited (VIL) through the open market. As per industry reports, regulatory filings show that the Aditya Birla Group had acquired additional 0.4 percent stake in VIL during the past two months.
The falling share price of Vodafone Idea has provided an opportunity for the Aditya Birla Group to raise its stake in the company, which currently stands at 28.5 percent.
The stock price of the telco has fallen over 80 percent in 2018 and currently is at just over Rs 5.
As per the Aditya Birla Group, it has raised its holdings because the prices are attractive and the market is not reflecting the true value of the underlying business.
Vodafone Plc and Aditya Birla Group, the promoters of VIL, together own 71.57 percent of the company as of end June 2019.
