Updated February 23rd, 2024 at 13:11 IST

Vodafone Idea zooms 10% on plans to raise funds

The surge came after the company announced that the board of directors will meet on February 27 to consider fund raising.

Reported by: Business Desk
Vodafone Idea share price | Image:Unsplash, Vodafone Idea
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Vodafone Idea shares rise: Shares of telecom operator Vodafone Idea zoomed as much as 9.95 per cent to hit an intraday high of Rs 17.90 per share. The surge came after the company announced that the board of directors will meet on February 27 to consider fund raising.

In an exchange filing, the company said, “We wish to inform you that a meeting of the Board of Directors of Vodafone Idea Limited will be held on Tuesday February 27, 2024, inter alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or by way of issue of any instruments or securities including securities convertible into equity shares, global depository receipts (GDRs), American Depository Receipts (ADRs) or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures (NCDs) including non-convertible debentures along with warrants, which may or may not be listed.”

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Shares of Vodafone Idea have climbed 23.84 per cent in the past month. Notably, the shares rose a whopping 166.77 per cent in 2023.

In the December quarter (Q3FY24), the company recorded a net loss of Rs 6,985.9 crore, a decrease of 12.6 per cent from Rs 7,990 crore in the same quarter a year ago.

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The revenue, however, stood at Rs 10,673 crore, from Rs 10,621 crore in the third quarter of the preceding fiscal year.

As of 10:17 am, shares of Vodafone Idea were trading 9.77 per cent higher at Rs 17.87 per share.

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Published February 23rd, 2024 at 10:26 IST