SC rejects telcos' pleas on AGR dues; Vi shares plunge 20%
Following the Supreme Court’s dismissal, Vodafone-Idea shares plummeted nearly 20% to a 52-week low of ₹10.36 from ₹12.90.
Following the Supreme Court’s dismissal, Vodafone-Idea shares plummeted nearly 20% to a 52-week low of ₹10.36 from ₹12.90.
U.K.-based Vodafone group will use the funds raised to substantially repay its outstanding bank borrowings of €1.8 billion secured against Vodafone's Indian assets
Shares of Vodafone Idea plunged 4% to ₹7 apiece on the NSE.
A meeting of the board of directors of the telecom company is scheduled to be held on Wednesday, 22nd June 2022, to consider a proposal for raising funds aggregating up to ₹500 cr.
Brokerage firm Nomura has retained its 'reduce' call on Vodafone Idea with a target price of ₹8 per share, suggesting a potential 28% downside from Thursday’s closing price of ₹11.08.
The deal comes with a stipulation that the proceeds shall be used to induce fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers.