Vodafone Idea stock rose over 6% today after the telco said its Capital Raising Committee has approved allotment of over 338 crore shares to its promoters to raise Rs 4,500 crore.
Vodafone Idea share touched an intra day high of Rs 10.30, rising 6.40% on BSE.
Later, the stock closed 4.34% higher at Rs 10.10 on BSE.
The large cap stock has gained after three days of consecutive fall. The share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
Total 1022.44 lakh shares of Vodafone Idea changed hands amounting to a turnover of Rs 103.29 crore on BSE.
Market cap of the telco rose to Rs 29,022 crore.
Vodafone Idea share has gained 1.2% in one year but lost 34.29% since the beginning of this year.
Earlier this month, the debt-ridden company had said that promoter Vodafone planned to infuse up to Rs 3,375 crore as part of its proposed fund raising plans for Rs 14,200 crore. Besides, Aditya Birla Group also planned to pump in up to Rs 1,125 crore.
"...further to the meeting of the board of directors of the company held on March 3, 2022, approving the issue of equity shares on preferential basis, the Capital Raising Committee of the board of directors has, at its meeting held today, i.e., March 31, 2022, considered and approved the allotment of 3,38,34,58,645 equity shares..." Vodafone Idea said in an exchange filing.
The shares will be issued at a price of Rs 13.30 per equity share, including a premium of Rs 3.30 per equity share, aggregating to about Rs 4,500 crore.