Vodafone-Idea Limited (VI) has rejected the news that it was talking about tie up and selling stake in Elon Musk's Star Link project. VI said in an exchange filing that we are not aware of the basis of the news published in Business World on December 29, 2023.
We want to clarify that the company will follow the SEBI listing rules. After this news, Vodafone-Idea shares fell by 5.59% and closed at ₹ 16.05.
Earlier, Business World had published a report on December 29, 2023, in which it was claimed that the company is in talks with Elon Musk's company Starlink regarding stake sale. On the basis of this report, SEBI had sought his reply.
VI shares have risen 23% in the last two trading days. It was ₹13.25 on December 28, 2023, which increased to a 52 week high of ₹18.42 on January 1. However, later there was some decline and it increased by 5.94% and closed at Rs 16.95.
Even before this, in September 2023, some reports had claimed that American companies Verizon, Amazon or Starlink could buy stake in Vodafone-Idea. However, on September 18, the company had declared these reports wrong and had denied reports of any kind of negotiation with these companies.
The work of Starlink is to connect remote areas with fast internet through satellite. In this, the company provides a kit, which includes router, power supply, cable and mounting tripod. For high-speed internet, the dish is placed under the open sky. Starlink's app is available on iOS and Android, which takes care of everything from setup to monitoring.
