Vodafone Idea surges 15% on $200 mn advance payment from parent company

The UK-based group accelerated the payment mainly to tide over any liquidity crisis arising out of the Covid-19 pandemic

Shares of Vodafone Idea leaped as much as 14.89 per cent to Rs 4.55 on the BSE on Thursday after its parent company, Vodafone Plc, announced that it was making an advance payment of $200 million to its India arm.

The UK-based group accelerated the payment, which was due in September 2020 under the terms of the contingent liability mechanism with Vodafone Idea, mainly to tide over any liquidity crisis arising out of the Covid-19 pandemic.

“Vodafone Group has accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately 300 million Indian citizens who