Vodafone Idea raises Rs 5,400 crore from anchor investors
US-based GQG Partners has been allocated the highest number of shares, worth Rs 1,345 crore, while Fidelity Investments has invested about Rs 772 crore in Vodafone Idea's FPO.
Shares of the telecom operator Vodafone Idea (VIL) jumped as much as 43 percent on Tuesday during the last hour of the trade, after the company decided to increase tariffs.
VIL gained over 34.68 per cent to close at Rs 6.02 on the BSE Sensex on Tuesday, on top of 21.5 percent rally on previous day, supported by favourable comments from the Finance Minister Nirmala Sithraman on the current telecom crisis.
Like Vodafone Idea, shares of Bharti Airtel also gained 8.9 per cent. Earlier, both the telecom operators had said they will hike tariffs from December 1 after they posted historic losses on account of provisioning for the AGR pending dues.
Advertisement
Vodafone had also noted that the acute financial stress in the telecom sector has been acknowledged by all stakeholders and a high-level committee of secretaries (CoS) headed by the Cabinet Secretary is looking into providing appropriate relief.
Vodafone Idea Ltd had said that it would “suitably increase the prices of its tariffs” effective from December 1.
Airtel and Vodafone Idea had posted a combined loss of Rs 74,000 crore in Q2 by provisioning for the AGR pending dues. Vodafone has hinted at not being able to sustain if relief does not come for the sector.
(With input from agencies)
Advertisement
