Vodafone Idea to raise USD 150 cr as per report; news positive for banks, says Anil Singhvi

Telecom major Vodafone Idea is planning raise USD 150 cr and this news augurs well for the company and other stakeholders, Zee Business Managing Editor Anil Singhvi opines. The company did not surrender to its fate and instead decided to raise money and run the company, the Managing Editor said.  It appears that the company has decided to pay its Adjusted Gross Revenue (AGR) dues in time, Singhvi said. This is the reason why stocks have run on the exchanges today.

The merger between Indus Towers and Bharti Airtel will also give around Rs 4000 cr to Idea, which has a stake in the former.  The share price of Vodafone Idea today ended at Rs 12.85 on the NSE, up by almost 30 per cent. This was the share price at the time of rights issue of the company. The board is expected to meet on this issue tomorrow.

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वोडाफोन-आइडिया की $150 करोड़ जुटाने की योजना- ब्लूमबर्ग के हवाले से खबर

अनिल सिंघवी ने कहा- बैंकों के लिए यह पॉजिटिव खबर...बोले- लोन मोरेटोरियम मामले में SC के फैसले के बाद बैंकों के लिए साफ होगा आगे का रास्ता#VodafoneIdea @AnilSinghvi_ pic.twitter.com/E26WqWveOm

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This has also given an upshot to Bharti Infratel, whose shares were up around 12 per cent today. Singhvi said that Aditya Birla Group companies’ stocks have also benefitted from this news.

The only sector which has remain muted is the banking sectors, Singhvi said adding that this sector will benefit, going forward. This is a good news for banks that Idea has decided to run the telecom business, he further said. In rupee terms, USD 1.5 billion will convert to around Rs 11,000 cr.

The banks which have exposure in Idea will likely benefit from this move.

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The markets have their eyes fixed on the loan moratorium issue which is now being heard in the Supreme Court. The way for banks will get clear once the decision on it comes, Singhvi said.