Connect with us

Headlines of the Day

As KM Birla steps down, Himanshu Kapania elected Non-Executive Chairman

Shares of Vodafone Idea (Vi) tanked 15 per cent at Rs 5.13, hitting a recent 52-week low on the BSE in the intra-day commerce on Thursday, after telecom main introduced that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman at a time when Vi is struggling to remain afloat.

The adjustments to the board will come into impact from shut of business hours on August 4, 2021.

Himanshu Kapania, a nominee of the Aditya Birla Group, has been appointed as the non-executive chairman.

“The Board of Directors of Vodafone Idea Limited, at its meeting held at present, have accepted the request of Mr. Kumar Mangalam Birla to step down as Non-Executive Director and Non Executive Chairman of the Board with impact from shut of business hours on 4th August, 2021,” Vodafone Idea stated in change submitting on Wednesday, August 4, 2021.

Consequently, the Board has unanimously elected Mr. Himanshu Kapania, at the moment a Non Executive Director, as the Non-Executive Chairman. Mr. Kapania, a nominee of the Aditya Birla Group, is a telecom trade veteran with 25 years of expertise, the company stated.

With at present’s fall, the stock of the telecom companies supplier has tanked 34 per cent in 3 days.

The stock has been in the downtrend ever since experiences advised Kumar Mangalam Birla has informed the federal government that he’s keen to surrender promoter stake in the company and Vodafone Group Plc has dominated out any additional fairness infusion in its debt-ridden telecom three way partnership in India.

The stock was buying and selling on the lowest degree since May 2020. It had hit a document low of Rs 2.61 in November 2019.

Till 09:24 am, a mixed 102 million shares had modified fingers and there have been pending promote orders for 95 million shares on the NSE and BSE.

Meanwhile, in keeping with a Business Standard report, Vodafone Plc, which owns 45 per cent stake in Vi, is able to provide its stake at no cost to Indian banks/monetary establishments or to the government-owned Bharat Sanchar Nigam (BSNL), offered they take over the wi-fi telephony company.

Lenders stated if BSNL takes over the company, authorities dues to be paid by the merged BSNL-Vi entity can be a ebook entry. News Chant

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!