Vodafone Idea Shares Surge 8% on Fundraising Announcement Amid Q3 Losses

23 Feb 2024 , 03:25 PM

Vodafone Idea Limited’s shares surged by 8% to ₹17.60 during morning trading on February 23, marking a continuation of gains from the previous session.

The rally ensued after the telecom operator announced that its board of directors would convene on February 27 to evaluate proposals for raising funds through various means, including a rights issue, further public offering, private placement of shares, or preferential allotment.

In the third quarter of the fiscal year 2023-24, the company reported a net loss of ₹6,985.9 Crore, a decrease of 12.56% compared to the previous year’s corresponding period. However, revenue for the same quarter increased slightly to ₹10,673.1 Crore, up 0.49% from the previous year.

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