Vodafone Idea shares gain over 8 pc amid asset sale plan
On the BSE, the scrip after opening on a positive note further rose to Rs 7.08 apiece, up 7.9 per cent.
New Delhi: Vodafone Idea shares rose over 8 per cent on Wednesday amid reports that the company is planning to sell some of its assets to raise over USD 2.5 billion (around Rs 17,500 crore).
On the BSE, the scrip after opening on a positive note further rose to Rs 7.08 apiece, up 7.9 per cent.
On the NSE, the scrip jumped 8.39 per cent to Rs 7.10 apiece.
According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.
Vodafone Idea, reeling under massive debt of around Rs 1.17 lakh crore, had earlier cited acute financial stress on the company behind the decision to raise mobile call and data charges.
The company has an estimated liability of Rs 44,150 crore post the apex court order, and has made provisioning of Rs 25,680 crore in the second quarter this fiscal.