Vodafone Idea slips as telecom operator's board seeks approval for raising funds worth Rs 20,000 cr
In an executive general meeting at 2 pm on Tuesday, Vodafone Idea's board will seek approval from shareholders for raising a fund worth Rs 20,000 crore through equity and equity-linked instruments approved on February 27.
)
Vodafone Idea started Tuesday's trading session on BSE on a low note as its stock slipped by over 4.70 per cent on a day when the company's board is seeking approval from shareholders for a fund raise worth Rs 20,000 crore.
The Vodafone Idea stock that closed at Rs 14.02 on Monday started Tuesday's session at Rs 13.95 and slipped by 4.71 per cent to the day's low of Rs 13.36.
It was in contrast of the stock's performance on Monday when it soared by seven per cent.
The stock closed Tuesday's trading session lower by 4.14 per cent, or Rs 0.58, at Rs 13.44.
Vodafone Idea fundraise
In an executive general meeting (EGM) at 2 pm on Tuesday, Vodafone Idea's board will seek approval from shareholders for raising a fund worth Rs 20,000 crore through equity and equity-linked instruments approved on February 27.
The company can use the raised funds for deleveraging and starting its 5G rollout.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
03:45 PM IST
Vodafone Idea loses 1/3rd of its m-cap in 1 month; should investors be worried?
Vodafone Idea shares in focus as Citi maintains buy; expects 57 per cent potential gains 
Vodafone Idea stock gains up to 9% as telco continues with its mega Rs 55,440 crore capex: Here's Anil Singhvi's view