Vodafone Idea gains on acquiring 50 MHz spectrum for Rs 3,510 crore

Vodafone Idea is currently trading at Rs. 18.25, up by 0.23 points or 1.28% from its previous closing of Rs. 18.02 on the BSE.

The scrip opened at Rs. 18.26 and has touched a high and low of Rs. 18.34 and Rs. 18.05 respectively. So far 27556387 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 18.47 on 26-Jun-2024 and a 52 week low of Rs. 7.18 on 13-Jul-2023.

Last one week high and low of the scrip stood at Rs. 18.47 and Rs. 16.53 respectively. The current market cap of the company is Rs. 123743.21 crore.

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

Vodafone Idea has acquired 50 MHz of spectrum across low band and mid band spectrum (900 MHz, 1800 MHz and 2500 MHz) in 11 circles at a total commitment of Rs 3,510 crore, in the spectrum auction concluded on June 26, 2024. 

In addition to renewal of 900 MHz spectrum in UP West and West Bengal circles, the company has also enhanced its 900 MHz spectrum holding in 7 circles, namely Andhra Pradesh, Tamil Nadu, Karnataka, Punjab, Rajasthan, UP East and Kolkata, enabling it to dedicate adequate 900 MHz band spectrum for 4G thereby enhancing the experience of its 4G customers in these large markets, particularly the indoor experience. In circles of Andhra Pradesh, Tamil Nadu (excluding Chennai), Punjab and large parts of Karnataka and Uttar Pradesh (East), 4G on sub GHz 900 band will be offered for the first time which will result in better coverage and experience. In addition to 900 MHz spectrum, the company has also acquired 1800 MHz spectrum in Madhya Pradesh and 2500 MHz spectrum in Bihar, which will help in increasing the network capacity quickly. Company already holds sufficient and competitive 5G spectrum in its 17 priority circles.

This spectrum acquisition is in line with the long-term strategic plan of the company to offer superior experience to its customers as well as to effectively utilize the spectrum across existing and emerging technologies.

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.