Vodafone Idea gains after depositing EMD of Rs 300 crore for upcoming spectrum auction

Vodafone Idea is currently trading at Rs. 13.28, up by 0.13 points or 0.99% from its previous closing of Rs. 13.15 on the BSE.

The scrip opened at Rs. 13.07 and has touched a high and low of Rs. 13.65 and Rs. 13.07 respectively. So far 127645054 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 18.42 on 01-Jan-2024 and a 52 week low of Rs. 6.87 on 25-May-2023.

Last one week high and low of the scrip stood at Rs. 13.65 and Rs. 12.31 respectively. The current market cap of the company is Rs. 88356.51 crore.

Vodafone Idea

The promoters holding in the company stood at 48.91%, while Institutions and Non-Institutions held 36.41% and 14.68% respectively.

Vodafone Idea (Vi) has submitted the earnest money deposit (EMD) of Rs 300 crore for the upcoming spectrum auction. Companies get points based on the EMD amount they have deposited, which enables them to bid for the number of circles and quantity of spectrum they want. Higher points mean a higher capability to place bids.

The government has scheduled an auction of eight spectrum bands for mobile phone services at a base price of about Rs 96,317 crore from June 6. All the available spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz bands are part of the auction.

The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments. The DoT has provided an option to surrender the spectrum acquired through the upcoming auction after a minimum period of 10 years.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.