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Vodafone Idea Clarifies On Reports Of Google's Interest In Stake Purchase

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On Friday, shares of Vodafone Idea surged as much as 35 percent on BSE on news reports that Google is eyeing a minority stake in the struggling telecom company. The company, in a stock exchange filing, clarified that "Currently, there is no proposal as reported by the media that is being considered at the Board."

Vodafone Idea Clarifies On Reports Of Google's Interest In Stake Purchase
 

"We wish to reiterate and clarify the Company will comply with SEBI Listing Regulations and duly keep the stock exchanges informed of all the price sensitive information," it added.

A Financial Times report citing sources on Thursday said that Alphabet Inc's Google is looking to buy about 5 percent stake in Vodafone Idea.

After the recent agreement between social media giant Facebook and RIL to purchase 9.9 percent stake in the latter's telecom arm Jio Platforms, the report on Google's interest in Vodafone Idea was believed as a move to help the ailing telecom operator that has nearly Rs 58,000 crore in unpaid statutory dues.

The BSE had sought clarification from Vodafone Idea with reference to reports.

Read more about: vodafone idea google
Story first published: Friday, May 29, 2020, 15:20 [IST]
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