Analysts sceptical about Vodafone Idea’s fundraising plan; shares crash

Mumbai: Vodafone Idea’s (Vi) shares plunged nearly 15% intraday Wednesday, a day after the cash-strapped telecom operator announced a Rs 45,000-crore fundraising plan, with analysts questioning if it would be able to close the funding given its weak financials and past failures at similar attempts to raise money.

The telco has made several efforts to raise capital in the past. Its board had in September 2020 given approval to raise Rs 25,000 crore including in equity, and the company had held discussions with banks for debt funding. But these efforts have not been successful so far.