Vodafone Idea hits 15-month high ahead of board meeting for fund raising

Shares of Vodafone Idea (VIL) continued their northward movement for the third straight day, hitting 15-months high of Rs 13.45, up 7 per cent on the BSE on Friday ahead of the company’s board meeting today to consider fund raising plan. The stock of the telecom services provider bounced back 19 per cent from its early morning low of Rs 11.31. It was trading at its highest level since June 10, 2019.

According to a Bloomberg report, Vodafone Idea is planning to raise about $1.5 billion as it seeks to “turn around its fortunes in the country’s fiercely competitive wireless market”.

“Vodafone Idea Ltd. is discussing a funding plan that could include a share sale… It is working with advisers including New York-based investment bank PJT Partners Inc. as it seeks potential strategic partners to buy stakes,” the report said.