Vodafone Group has pledged its entire 44.39 per cent stake in Vodafone Idea with seven foreign banks.
Vodafone Idea had recently concluded a Rs 25,000 crore rights issue, that was oversubscribed nearly 1.08 times.
According to a report, shareholders of Vodafone Promoter Indian and Vodafone Promoter Mauritius have pledged their 44.39 per cent stake in Vodafone Idea. The Vodafone group owns the stake through 12 entities based in India and Mauritius.
Shares of Vodafone Idea plunged 7.12 per cent on the BSE on Wednesday to close at Rs 14.35 apiece.
At that price, Vodafone Group’s shares were worth nearly Rs 18,304 crore.
The shares are pledged for 'financing arrangements' in favour of HSBC Corporate Trustee Company, which is acting as a trustee for BNP Paribas, HSBC Bank Plc, ING Bank NVSingapore branch, StanChart Bank, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc.
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