Vodafone Idea shares jump 11% in anticipation of fundraise

New Delhi, Feb 23 (IANS) Vodafone Idea shares jumped more than 11 per cent on Friday after the company announced a board meeting to consider fundraising.

Vodafone Idea shares were trading at Rs 18.11, up by 11.24 per cent.

VIL needs a sizable fund-raise to increase capex for restricting its subscriber loss. VIL reported subscriber loss of 1.4mn MoM in December as the loss rate picked up from 1.1mn in November 2023, Emkay Global Financial Services said in a report.

Vodafone Idea said that a meeting of the board of directors is scheduled on February 27 to consider and approve the proposal relating to fundraising.

Vodafone Idea board of directors meeting is 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, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed, the company said.