Agro Haryana

Vodafone Idea shareholders have approved raising Rs 20,000 crore, will you see action in the shares today?

 Aditya Birla Group: Raising funds will help Vodafone Idea to expand its 4G network. Apart from this, 5G mobile service can also be rolled out by the company.
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 Vodafone Idea shareholders have approved raising Rs 20,000 crore, will you see action in the shares today?
Agro Haryana, New Delhi Vodafone Idea Share Price: If you also have shares of Vodafone Idea, then this news is useful for you. Shareholders of the company facing financial crisis have approved raising an amount of Rs 20,000 crore from equity and equity linked securities. 

After this news, the company's shares closed sharply on Wednesday. Vodafone Idea shares are expected to rise again today. Vodafone Idea shares rose 2 percent during Wednesday's trading session.

Preparation to raise Rs 45000 crore

Raising funds will help Vodafone Idea to expand its 4G network. Apart from this, 5G mobile service can also be rolled out by the company. About a month ago, Vodafone Idea promoter Aditya Birla Group Chairman Kumar Mangalam Birla had said that the company is looking for external investors. 

Let us tell you that the company is preparing to raise Rs 45,000 crore through equity and debt.

Gross debt of Rs 2.14 lakh crore remains on the company,

although some brokerage houses have termed the efforts of the company to raise funds as inadequate. Nomura had advised to sell the stock with a target of Rs 7. Gross debt of Rs 2.14 lakh crore is outstanding on the company. 

When the fund raising announcement was made by the company on 27 February 2024, it was said that along with the rollout of 4G service, this fund would also be spent on 5G. 

Reliance Jio and Airtel have already launched 5G service, not Vodafone Idea's 5G service . But this has not happened yet from Vodafone Idea. An EGM was organized on April 2 to seek the consent of the shareholders on the proposed fund raising by Vodafone Idea. 

The promoters, as promised earlier, participated in the proposed equity increase, the company said in its exchange filing with BSE.

Share Status

The filing said that 'The shareholders of the Company who held shares of the Company as on the cut-off date i.e. Tuesday, March 26, 2024, were entitled to vote on the resolution set out in Item No. 1 of the Notice of EGM of the Company. 

During Wednesday's trading session, it closed at Rs 13.55 with a rise of about one percent. The stock is expected to rise after this news. The 52 week low of the share is Rs 6.01 and high is Rs 18.42. The market cap of the company is Rs 10,553 crore.

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