Vodafone Idea shares hit new 52-week high on fund-raising plan


Published On: Friday, September 4, 2020 | By:

Vodafone Idea shares hit new 52-week high on fund-raising plan

Shares of Vodafone Idea gained 7 % for the third straight day, hitting a new 52-week high of Rs 13.45, on the BSE on Friday ahead of the company's board meeting today to consider fundraising plan. The stock has jumped 51.29 % in three sessions. The board will discuss and possibly finalise fund-raising proposals, a few days after the Supreme Court verdict gave telecom companies 10 years to clear their gross revenue (AGR) dues. The board at the meeting will “consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or a combination thereof by way of issue of equity shares or by way of issue of any instruments,” the filing had said.Yesterday, the stock gained 25 % on the back of the media reports which suggested retailer Amazon and Verizon may invest more than $4 billion for a stake in the company.

The firm is also considering raising $1-1.5 billion initially through equity and is in talks with local and overseas investment bankers for running the mandate.

Read more at:

https://economictimes.indiatimes.com/markets/stocks/news/vodafone-idea-gains-51-in-three-sessions-board-to-meet-today-to-consider-fundraising/articleshow/77924389.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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