Voda Idea looks to raise $1.5 bn; shares surge 27%

Mumbai: Telecom major Vodafone Idea is planning to raise funds to the tune of $1.5 billion, including through share sale, ET Now reported citing agencies.

The report also said the company is seeking to identify US investors for the same and is working with PJT Partners for the fundraising.

Earlier in the day, a media report suggested that retailer Amazon and wireless carrier Verizon Communications were looking to invest over $4 billion for a stake in the telecom operator. These reports come a day ahead of Vodafone Idea's board meeting on funding raising.


Shares of Vodafone Idea gained nearly 30 per cent to a 52-week high of Rs 12.88, in an otherwise subdued Mumbai market. The stock ended at Rs 12.56, up 26.74 per cent on BSE.

People with knowledge of the matter had earlier told ET that the struggling operator is close to tying up funding, as clarity has emerged for the telco on AGR payment timelines. The Supreme Court in its ruling on Tuesday gave the mobile carrier 10 years to settle government dues.

Vodafone Idea, which is a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular, had previously said its ability to continue as a going concern rested on a positive outcome of the hearing.