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Vodafone Idea share rises 10% after board clears plan to raise Rs 25,000 crore

Share price of Vodafone Idea gained 9.99% to Rs 13.21 against the previous close of Rs 12.01 on BSE

twitter-logoBusinessToday.In | September 7, 2020 | Updated 13:14 IST
Vodafone Idea share rises 10% on plan to raise Rs 25,000 crore
Vodafone Idea share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Vodafone Idea share rose 10% today after the telco's board approved a fund-raising plan to secure Rs 25,000 crore. Share price of Vodafone Idea gained 9.99% to Rs 13.21 against the previous close of Rs 12.01 on BSE. Vodafone Idea share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Later, the share closed 26.74% higher at Rs 12.56 on BSE.

The share trades 4.1% away from 52 week high of Rs 13.45

Total 10.06 crore shares changed hands amounting to turnover of Rs 129.75 crore on BSE.

Market cap of the firm climbed to Rs 36,436 crore.

In one year, the share has gained 149.61% and risen 109.9% since the beginning of this year. In a month, the stock has gained 46.43% and climbed 26.89% in a week.

Vodafone, Idea rebrand as Vi amid efforts to attract new subscribers

The share has gained 61% in the four sessions on reports of fundraising and resumption of talks with US-based e-commerce giant Amazon and telecom operator Verizon for significant stake sale in the ailing telco for more than $4 billion.

To raise funds for paying AGR dues and investing in the network, the company's board held a meeting on September 4. The board decided to raise funds through issue of equity shares, non-convertible debentures and other instruments, subject to regulatory and statutory approvals.

Vodafone Idea said that it will raise up to Rs 15,000 crore through issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts, foreign currency convertible bonds, convertible debentures, warrants, composite issue of non-convertible debentures and warrants. This will be done in one or more tranches.

The board also approved issuance of secured and unsecured non-convertible debentures up to of Rs 15,000 crore in one or more tranches by public offering or private placement basis.

However, the funds cumulatively raised by the above methods cannot exceed Rs 25,000 crore, Vodafone Idea said in a regulatory filing.

Vodafone Idea plans to raise up to $1.5 billion through equity

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