Vodafone Idea Shareholders Give Nod To Raise 20000 Crore Rupees Through Equity

Vodafone Idea Update: Shareholders of Vodafone Idea, which is facing financial crisis, have approved the company to raise Rs 20,000 crore through equity and equity linked securities. After this approval from the shareholders, it is believed that the company can raise money during this quarter from April to June. The promoters of the company will also participate in this proposed fund raising exercise.

After getting approval to raise funds from Vodafone Idea shareholders, the company's stock reached Rs 14 on the stock exchange. The stock has seen a jump of 4.09 percent from Tuesday's closing level. At the close of the market, the shares closed at Rs 13.60 with a rise of 1.12 percent. Through this fund raising exercise, Vodafone Idea will get help in expanding its 4G network and will also be able to roll out 5G mobile services. In February 2024, Vodafone Idea promoter Aditya Birla Group Chairman Kumar Mangalam Birla had said that he is fully committed to the company. He had said that the company is looking for external investors.

Vodafone Idea is going to raise a total of Rs 45,000 crore through equity and debt. However, many brokerage houses have termed the company's efforts to raise funds as inadequate. Brokerage house Nomura had advised to sell the stock with a target of Rs 7. The company has outstanding gross debt of Rs 2.14 lakh crore.

On February 27, 2024, when the company had announced to raise funds, it had said that the funds raised would be spent on increasing 4G coverage as well as the rollout of 5G service. Reliance Jio and Airtel have already launched 5G service but Vodafone Idea has not been able to do so yet.

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