Vodafone Idea spurts on fundraising plans

Vodafone idea rallied 6.70% to Rs 17.37 after the company said that its board will meet on Tuesday, 27 February 2024 to consider fund raising proposals, through equity or debt instruments.

The fund raising could be in one or more tranches through equity instruments, including rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or any other permissible mode or a combination there off.

The capital raise could be by way of the issue of equity shares or by way 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.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service provider. The company provides pan India voice and data services across 2G, 3G and 4G platforms. The company holds large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave 5G spectrum in 16 circles.

The telecom service provider reported a consolidated net loss of Rs 6,985.9 crore in Q3 FY24 as compared with a net loss of Rs 7,990 crore in Q3 FY3. Revenue from operations increased marginally to Rs 10,673.1 crore in Q3 FY24 as against Rs 10,620.6 crore posted in Q3 FY23.

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