Vodafone Idea share price gains 4.5%: To consider raising funds on 9 December

Stock Market Today: Vodafone Idea share price saw sharp gains of 4.5% in the morning trades on Thursday. The board meeting is scheduled for 9 December to consider raising funds

The Vodafone Idea share price opened at ₹8.79 on the BSE on Thursday, 4.5% higher than the previous close of ₹8.41 on Wednesday.

The Vodafone Idea share price has been rebounding from its 52 week or 1 year lows of ₹6.60 seen on 22 November.

Fund raising plans

Vodafone idea in its release on the exchanges on Wednesday, post market hours, said that that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 9 December 2024, to consider proposal for raising of funds not exceeding Rs. 2,000 crore, by way of issuance of equity shares and / or convertible securities on a preferential basis to one or more entities belonging to Vodafone Group (one of the Promoters of the Company

The trading window for dealing in securities of the Company thereby is to be closed from Thursday, 5 December 2024 till Wednesday, 11 December 2024 (both days inclusive).

Vodafone promoters to Sell 3.0% stake in Indus Tower

In another development Vodafone Group Plc is also selling its 3.0 stake in Indus Towers to repay Vodafone's outstanding borrowings.

Vodafone Group Plc ("Vodafone") announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited representing 3.0% of Indus' outstanding share capital through an accelerated book build offering . The proceeds from the Placing, as per the release will be used firstly to repay Vodafone's outstanding borrowings of c.US$101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets

As per the release by Indus Towers on the exchanges , the Company released the pledge on 3.003% shares held by Vodafone Promoters in the Company on December 04, 2024 for the relevant Vodafone Promoters to execute the sale of such shares and utilise the proceeds as per the terms of the security package provided by Vodafone Promoters.

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