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Vodafone Idea Jumps 4% After Reports Suggest $2 Bn Funding For The Telco From Oaktree Capital
Shares in cash strapped Vodafone Idea traded higher by over 4 percent in Thursday's afternoon deal after reports suggested that the telco is in talks with various groups for funding. On the NSE, scrip rallied up to Rs. 9.6 while on the BSE it hit day's high price of Rs. 9.59 versus previous close of Rs. 9.2 per share.
As per a ET now report which cited agencies, Oaktree and Varde Partners have agreed to offer the company at least $2 billlion in funding. Further as per a Bloomberg report, the investor group has made a proposal to offer around $2 billion to $2.5 billion capital to Vodafone Idea.
In September, Vodafone Idea said it plans to garner 250 billion rupees or $3.4 billion by selling shares and debt to boost up its financial position as competition toughens in the Indian wireless industry.
Last, the scrip of Vodafone Idea quoted at Rs. 9.34 apiece on the BSE.
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