Vodafone Idea jumps over 8% after telecom company announces raising funds in February 27 meeting

Vodafone Idea Share Price: Vodafone Idea soared over 8 per cent in the morning trading session on BSE on Friday (February 23, 2024) after the telecom company said that it would consider and evaluate proposals for raising funds in a meeting on February 27.

The stock that closed at Rs 16.28 on Thursday was trading up by 6.57 per cent, or Rs 1.07, at Rs 17.35 at 9:34 am on Friday.

The stock's day's high is Rs 17.65, an 8.42 per cent increase from the previous close.

The jump in the Vodafone Idea share price was seen after the company announced that, in a meeting on February 27, it would consider raising funds in one or more tranches by way of a rights issue, further public offer, private placement, including preferential allotment, qualified institutions placement or through any other permissible mode.

It would raise funds by "way of issue of equity shares or by way of issue of any instruments or securities, including securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed."

"The trading window for dealing in securities of the Company shall be closed from Friday, 23rd February, 2024 till Thursday, 29th February, 2024 (both days inclusive)," Vodafone Idea said in a statement.