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MUMBAI: Shares of Vodafone Idea surged as a lot as 13% on Monday but gave up some gains because the market was disillusioned after the corporate didn’t give details of its fund elevating plans. The firm immediately introduced it will rebrand Vodafone Idea to an built-in model referred to as VI, two years after the completion of Vodafone India Ltd and Idea Cellular Ltd merger.
The shares touched the day’s excessive of ₹13.21 earlier than the announcement on the hope that the corporate will furnish some details on elevating funds. They pared gains, and at 02:30 pm traded 3.4% increased at ₹12.42, whereas the benchmark index, Sensex was down 0.3% at 38,256.
The firm’s chief govt Ravindar Takkar mentioned “the unified brand has a strong and reliable network, and built to meet the digital need of customers”. On Friday, the board had accepted plans to boost funds as much as ₹25,000 crore by way of mixture of fairness and debt concern. The announcement was made put up market hours.
Vodafone owes round ₹58,254 crore to the federal government, of which it has paid ₹3,500 crore to this point. The telco pared its stake in Indus Towers for ₹4,000 crore. However, it should make a pre-payment of ₹2,400 crore to the Indus Tower-Bharti Infratel merged entity.
The fund elevating proposals can be taken up on the annual normal assembly scheduled on 30 September 2020. UK-based Vodafone Group has reportedly maintained its stance that it’s going to not make investments any recent fairness.
The telco reported a consolidated internet loss of ₹25,460 crore in Q1 FY21, increased than internet loss of ₹4,873.90 crore in Q1 FY20. Gross income fell 5.4% to ₹10,659.30 crore in Q1.
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