Vodafone Idea hits over 5-year high; stock zooms 68% against FPO price

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Vodafone Idea hits over 5-year high; stock zooms 68% against FPO price - Business Standard

Quick Summary:

Vodafone Idea shares: Shares of Vodafone Idea hit an over five-year high of Rs 18.50, gaining nearly 3 per cent on the BSE in Thursday's intraday trade, amid heavy volumes.

So far in the current calendar year 2024, the company has raised around Rs 24,000 crore of equity (including proposed preferential issue of Rs 2,458 crore to Nokia and Ericsson which is subject to approval by shareholders) and is in active discussions with its lenders to raise debt funding of up to Rs 25,000 crore.

Overall, the brokerage views Vodafone Idea’s higher-than-expected spectrum spends to boost network experience as a positive move.