Kumar Mangalam Birla, the chairperson of Aditya Birla Group, purchased the shares of Vodafone Idea last week, data from NSE showed.

What Happened: Birla, who is a promoter at the company, bought 1.86 crore shares of Vodafone Idea on September 6. On the same day, Pilani Investment And Industries Corporation acquired 30 lakh shares of the telecom firm. As of July 19, 2024, promoters held 37.17% of the company.

On September 6, shares of Vodafone Idea tanked 10% after global brokerage Goldman Sachs delivered a bearish outlook for the firm. The brokerage firm expects the debt-ridden telco to lose even more market share going forward.

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The brokerage reaffirmed its “sell” rating on the stock but marginally increased its target price to ₹2.5 from ₹2.2. Despite the adjustment, it still indicated a steep 83% potential downside compared to the current market price of ₹15 per share.

The company is now reportedly in discussion with state-owned lenders Power Finance Corp (PFC) and REC to secure loans for its medium-term funding requirements. The telecom company aims to bridge a funding gap of ₹25,000 crore to cater to capital expenditure and maintenance costs for the upcoming three years, The Economic Times reported.

Price Action: Shares of Vodafone Idea closed 2.88% higher at ₹13.58 on Tuesday.

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Image: Flickr/ World Economic Forum