Shares of Vodafone Idea, India’s third-largest telco, rose 6% on April 26 after Emirates Telecom Group (e&) increased its stake in Vodafone Idea’s holding company, Vodafone Group Plc, to 14.6% from 14%.

The promoters hold about 75% of Vodafone Idea as of December 2022, with Vodafone Plc holding 48% and Aditya Birla Group 27%.

It has received regulatory approval to increase its stake in Vodafone Plc to 15%, according to e&. Media reports said the company had explored a potential investment in Vodacom Group Ltd, Vodafone’s African business. The Emirati company is also discussing with BT Group to restructure its board.

Shares of Vodafone Plc have fallen about 29% in the last year. The telecom company ousted CEO Nick Read in December 2022, and the board has yet to name a successor.

Vodafone Idea also surged 10% last week after it announced that Kumar Mangalam Birla would return to the board as an additional director.

In February 2023, the Centre announced that it would take a roughly 33% stake in Vodafone Idea instead of interest payments on the delayed spectrum and adjusted gross income payments. The move would make the government the largest shareholder in Vodafone Idea and reduce the promoters’ stake to around 50%.

The heavily indebted telecom company lost about 33% of its market value last year and is down 22% over the past six months.

The stock was up 4.76% at Rs 6.6 at 12:23 pm, with the benchmark Nifty up 0.13% at 17,792.75.