Vodafone Idea hits fresh low of Rs 28.30 ahead of rights issue

Shares of Vodafone Idea hit a new low of Rs 28.30, down 4 per cent, in intra-day trade on Wednesday, falling 14 per cent in four days on the BSE, ahead of rights issue. The stock fell below its previous low of Rs 28.80 touched on February 6, 2019 in intra-day trade.

The telecom services provider has fixed April 2, 2019 as the record date for the purpose of determining the shareholders who will be eligible to apply for the rights issue. The stock will turn ex-rights on Friday, March 29.

The board of directors of Vodafone Idea had approved Rs 25,000-crore rights issue on March 20. The company shareholders would be able to buy 87 shares for every 38 held for an issue price of Rs 12.50 a share. The rights issue is open on April 10, 2019 and closes on April 24, 2019.