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Vodafone Idea shares sink 3% into red after board nod to raise Rs 45,000 crore
Vodafone Idea shares slipped in the red on February 28 after the board of directors of the cash-strapped telecom operator decided to raise funds to the tune of Rs 45,000 crore. The company said it will raise Rs 20,000 crore through a combination of equity or equity-linked instruments and the rest through debt and promoters will also participate in the proposed fund-raising. At 9.20, shares of Vi were trading at Rs 15.45 apiece on the BSE, lower by 2.7 percent compared to the previous session's closing price. Despite the fundraise, brokerages retained their 'reduce' calls. "f VIL is able to tie up the entire fund raise, it will be a material positive; however, VIL will not be fully out of the woods, in our view," said Nomura. Vodafone Idea said it will convene a meeting of its shareholders on April 2, and after getting their approval, it expects to complete the equity fund-raise in the coming quarter. Source - Money Control
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