Vodafone Idea stock rises 4% as shareholders approve Rs 20,000-crore fundraise

Shares of debt-ridden telecom operator Vodafone Idea Ltd rose 4% in the afternoon sesion today after shareholders of the firm approved raising funds of Rs 20,000 crore in an extraordinary general meeting (EGM). Vodafone Idea shares rose 4% to Rs 13.98 against the previous close of Rs 13.44 on BSE. Market cap of the firm rose to Rs 66,788 croreMarket cap of the firm rose to Rs 66,788 crore. Total 500.48 lakh shares of the firm changed hands amounting to a turnover of Rs 68.11 crore on BSE.

The EGM entailed telecom operator's board seeking nod for a fund raise worth Rs 20,000 crore through equity and equity-linked instruments that it approved on February 27.

The funds of Rs 20,000 crore is expected to be used in expansion of 4G network as well as rolling out 5G services. The fund raise is part of the company's programme of raising Rs 45,000 crore funds.

In terms of technicals, the relative strength index (RSI) of Vodafone Idea stands at 46.4, signaling it's trading neither in the overbought nor in the oversold zone. Vodafone Idea stock has a one-year beta of 1.1, indicating high volatility during the period. Vodafone Idea shares are trading higher than the 5 day, 10 day, 20 day, 150 day, 200 day  and lower than the 30 day, 50 day, 100 day  moving averages.