Vodafone Idea plans to raise Rs 7,000 crore via QIP; stock rises 10%

Vodafone Idea is looking for new investors after both its promoters have refused to infuse additional funds into the company

Vodafone Idea Ltd (VIL), a joint venture between the Aditya Birla group and Vodafone Plc of the UK, is planning a qualified institutional placement (QIP) of shares to raise up to Rs 7,000 crore to meet its funding requirements, sources aware of the matter said. The firm is also exploring other fundraising options, including convertible debentures.

VIL is looking for new investors as both promoters have refused to infuse additional funds into the company. Earlier, the firm planned to raise debt overseas but is still waiting for an opportune time to launch the issue, said a banking source.

The company’s shares closed