Vodafone Idea stock jumps nearly 10% on unconfirmed fund raising buzz

Kolkata: Vodafone Idea (Vi) shares closed nearly 10% higher on the BSE Friday, amid unconfirmed speculation that the cash-strapped telco may finally be close to concluding at least a part of its much-delayed fundraising, market players said.

On Friday, the stock closed 9.86% higher at Rs10.36 after scaling an 11.24% intra-day high, amid unconfirmed buzz that the telecom JV between UK’s Vodafone Plc and the Aditya Birla Group might be close to wrapping up an initial funding of around $1 billion, via a potential qualified institutional placements (QIP) route. The Vi scrip has jumped over 21% since the start of this month – from Rs 8.53 on June 1 to Rs 10.36 on June 18.