Shares of Vodafone idea surged more than 6% on Wednesday ahead of its virtual press conference scheduled at 12 pm to unveil a new initiative.  The scrip over 6% to trade on day's high of Rs 11.06 per share on the BSE. From Rs 9.55 per share on March 7, the counter gained bearly 14% to trade at Wednesday's high of Rs 11.05 apiece

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Surge in the share price of this telecom scrip also comes after it recently introduced four new prepaid recharge plans for its budget and mid-range subscribers. The plans are priced at Rs 327, Rs 377, Rs 107 and Rs 111 and also include Vi Movies and TV subscription. 

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Another trigger is the Substantial Acquisition of Shares and Takeovers (SAST) updates, as per which, British telecom major Vodafone has raised its stake in debt-ridden Vodafone Idea Limited to Rs 47.61 per cent through its subsidiary Prime Metals, a regulatory filing said on Monday.  

The company earlier held 44.39 per cent stake in Vodafone Idea Limited (VIL). 

On March 31 (Thursday), Vodafone Idea had said that its board has approved the allotment of 338.3 crore equity shares at Rs 13.30 per scrip to three promoter group entities - Euro Pacific Securities, Prime Metals and Oriana Investments - for about Rs 4,500 crore. 

Earlier on March 3, had said that the board approved raising Rs 14,500 crore, including Rs 4,500 crore from promoter entities -- Vodafone and Aditya Birla Group.  

At 11.45 am on Wednesday, shares of Vodafone Idea were trading with 5% gains to Rs 10.86 a share on the BSE.  

The scrip traded on 52-week high value of Rs 16.79 in December last year and touched year low of Rs 4.55 per share on the BSE in August 2021.