Vodafone Idea is buying and selling sturdy in a subdued market on Monday as traders await an announcement from the corporate. Vodafone-Idea has declared that it might make a significant strategic announcement at 11:45 am. The shares of Vodafone Idea soared 10 per cent to an intra-day excessive of Rs 13.21. At 10:35 am, the shares had been buying and selling at Rs 12.91, larger by 7.4 per cent, on the BSE.
Vodafone Idea had stated on Friday it might increase contemporary capital of upto Rs 25,000 crore in an effort to repay the hefty dues it owes to the federal government. It plans to boost as much as Rs 15,000 crore by debentures and an equal quantity by issuing shares and warrants.
The fund elevating plan by the nation’s third largest telecom operator comes within the aftermath of the Supreme Court asking the provider to pay roughly Rs 50,000 crore in AGR dues to the federal government over a 10-year interval; it has paid Rs 7,854 crore up to now. It additionally comes at a time when the nation’s third largest telecom operator grapples with an erosion in subscriber base in wake of an exodus in the direction of Reliance Industries’ telecoms enterprise, Jio Infocomm.
The BSE Sensex was quoting at 38,235.50, decrease by 127.23 pointsb or 0.33 per cent and the NSE Nifty was at 11,294.70, down 38.25 factors or 0.34 per cent, on the time.