Vodafone Idea Rs 25,000 crore rights issue kicks off
As per a PTI report, the fundraising is one of the largest by any company in the country.
By ETMarkets.com | Updated:
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NEW DELHI: Shares of Vodafone Idea climbed over 1 per cent in morning trade on Wednesday as its Rs 25,000-crore rights issue opened today.
As per a PTI report, the fundraising is one of the largest by any company in the country and is being done as the industry bleeds amid a massive disruption caused by the entry of Reliance Jio, which has already become the third-largest by subscribers.
Meanwhile, the company paid spectrum dues to the government recently, an ET report said. Vodafone Idea paid Rs 6,277 crore for the spectrum it had bought in auctions.
Vodafone Idea borrowed money to help clear the dues after the department rejected its request for a moratorium on spectrum payments. It proposes to repay the loans after a rights issue this month, the report further added.
Shares of the company closed 3.25 per cent lower at Rs 16.35 on BSE.
As per a PTI report, the fundraising is one of the largest by any company in the country and is being done as the industry bleeds amid a massive disruption caused by the entry of Reliance Jio, which has already become the third-largest by subscribers.
Meanwhile, the company paid spectrum dues to the government recently, an ET report said. Vodafone Idea paid Rs 6,277 crore for the spectrum it had bought in auctions.
Vodafone Idea borrowed money to help clear the dues after the department rejected its request for a moratorium on spectrum payments. It proposes to repay the loans after a rights issue this month, the report further added.
Shares of the company closed 3.25 per cent lower at Rs 16.35 on BSE.
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