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

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

The report in addition said the company is looking for to identify US option traders for the same and is working with PJT Partners for the fundraising.

Earlier in the day, a advertising report suggested that shop Amazon and wireless provider Verizon Communications were seeking to invest over $4 billion for a stake inside telecom operator. These reviews come a day ahead of Vodafone Idea’s board meeting about funding raising.

Shares associated with Vodafone Idea gained practically 30 per cent to some sort of 52-week high of Rs 12.88, in an otherwise somewhat Mumbai market. The inventory ended at Rs 12.56, up 26.74 per cent on BSE.

People with knowledge of the matter experienced earlier told ET the struggling operator is close up to tying up financing, as clarity has come about for the telco on AGR payment timelines. The Best Court in its ruling about Tuesday gave the portable carrier 10 years to settle government dues.

Vodafone Idea, which is a joint venture among Britain’s Vodafone Group Plc and India’s Idea Mobile, had previously said the ability to continue being a going concern rested with a positive outcome of the reading.

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