Vodafone Idea rebounds 13% from day’s low after board approves rights issue

Shares of Vodafone Idea ended 4 per cent higher at Rs 33.40 apiece on Wednesday. The stock bounced back 13 per cent from its intra-day low on the BSE on back of heavy volumes. The stock of telecom services provider slipped 7 per cent to Rs 29.65 on the BSE in intra-day trade after the company announced its board approved rights issue of Rs 25,000 crore at price of Rs 12.50 per share in the ratio of 87:38.

The trading volumes on the counter jumped four-fold with a combined 140 million equity shares changed hands on the NSE and BSE on Wednesday.

“The Board has today approved issuance of 20 billion fully paid up equity shares (face value of Rs 10 each) at a price of Rs 12.5 per share by way of a rights issue to the eligible shareholders as on the record date April 02, 2019. The rights entitlement is determined as 87 equity shares for 38 equity shares held by the eligible shareholders.