Vodafone Idea surged 7.99% to Rs 12.97 after the telecom operator's board on Friday (4 September) approved plans to raise funds upto Rs 25,000 crore via combination of equity and debt issue.
In a BSE filing made post market hours on 4 September 2020, the company said that its board approved raising upto Rs 15,000 crore via issue of equity shares or securities convertible into equity shares.
The board also approved raising upto Rs 15,000 crore through unsecured/secured non-convertible debentures via public offering or private placement basis or otherwise, in one or more tranches.
"However, the total raising of funds shall not exceed Rs 25,000 crore," Vodafone Idea added.
The fund raising proposals will be taken-up at the annual general meeting scheduled on 30 September 2020.
Meanwhile, the UK-based Vodafone Group has reportedly maintained its stance that it will not invest any fresh equity into Vodafone Idea.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is India's leading telecom service provider. The Company provides pan India Voice and Data services across 2G, 3G and 4G platform.
The telco reported a consolidated net loss of Rs 25,460 crore in Q1 FY21, higher than net loss of Rs 4,873.90 crore in Q1 FY20. Gross revenue in Q1 June 2020 stood at Rs 10,659.30 crore, down by 5.4% from Rs 11,269.90 crore in Q1 June 2019.
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