Vodafone Idea slips as telecom operator's board seeks approval for raising funds worth Rs 20,000 cr

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.