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Vodafone Idea (Vi) shares rose 3.4 per cent, logging an intra-day high at ₹11.7 per share after the company successfully raised ₹3,300 crore through the issuance of debentures.
At 10:57 AM, Vodafone Idea’s share price was trading 2.56 per cent higher at ₹11.6 per share on BSE. In comparison, the BSE Sensex was up 0.55 per cent at 84,949.54.
The company has a total market capitalisation of ₹1,25,786.26 crore. Its 52-week high was at ₹12.02, and its 52-week low was at ₹6.12.
“Vi today announced the successful fundraise of ₹3,300 crore through the issuance of unlisted, unrated, secured Non-Convertible Debentures (NCDs),” the filing read.
According to the filing, the fundraise saw strong interest exceeding the NCD issuance, from a diversified group of marquee investors, including large Non-Banking Financial Companies (NBCs), Foreign Portfolio Investors (FPs) and Alternative Investment Funds (AIFs).
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The proceeds from this issuance will be utilised by Vodafone Idea Telecom Infrastructure to repay its payment obligations to Vi. This will enable Vi to bolster its capex and support business growth.
"This fresh fundraise reinforces investor confidence in our strategy and long term vision. This capital strengthens our momentum as we continue to scale our network and enhance services for our customers. Discussions relating to long-term debt raise to support capex are ongoing with banks,” said Abhijit Kishore, CEO, Vi.
Vodafone Idea is an Aditya Birla Group and the Vodafone Group partnership. It is amongst India's leading telecom service providers. The company holds a large spectrum portfolio, including mid-band 5G spectrum in 17 circles and mmWave spectrum in 16 circles. The Company provides Voice and Data services across 2G, 4G and 5G platforms and is expanding 5G services across 17 circles. To support the growing demand for data and voice, the company is committed to delivering delightful customer experiences and contributing towards creating a truly Digital India by enabling millions of citizens to connect and build a better tomorrow.
The company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future-ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence
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