Vodafone Idea’s share price increased significantly by 4.5% during Thursday’s early trading. The board will meet on December 9 to discuss raising money.
The price of Vodafone Idea’s shares began at ₹8.79 on the BSE on Thursday, up 4.5% from Wednesday’s closing price of ₹8.41.
Since November 22, the price of Vodafone Idea shares has risen from its 52-week or one-year low of ₹6.60.
In a statement released to the markets on Wednesday after market hours, Vodafone stated that a meeting of the company’s board of directors is planned for Monday, December 9, 2024, to discuss a proposal to raise to Rs. 2,000 crore through the preferential issuance of convertible securities and equity shares to one or more Vodafone Group entities.
Therefore, the trading window for the Company’s securities will be closed from Thursday, December 5, 2024, to Wednesday, December 11, 2024.
To pay back its outstanding debts, Vodafone Group Plc is also selling its 3.0 per cent ownership in Indus Towers.
Vodafone Group Plc (“Vodafone”) reports that it has initiated an expedited bookbuild offering to place its remaining 79.2 million shares in Indus Towers Limited, which accounts for 3.0% of Indus’ outstanding share capital. According to the statement, the first use of the Placing’s proceeds will be to pay back Vodafone’s outstanding debts to its current lenders, which total around US$101 million and are secured by the company’s assets in India.
According to Indus Towers’ announcement on the exchanges, on December 4, 2024, the company released the pledge on 3.003% of the shares held by Vodafone Promoters in the company. The relevant Vodafone Promoters are then required to sell these shares and use the proceeds by the conditions of the security package that the Promoters provided.
