Vodafone Idea shares jump 10% in late rally, snap 7-day losing run amid heavy volumes

Shares of Vodafone Idea jumped 10 per cent in late rally on Wednesday amid heavy volumes. The scrip rose 9.49 per cent to settle at Rs 8.65 apiece on NSE, snapping a seven-day fall. On BSE, the scrip rose 9.61 per cent to close at Rs 8.67. This was the first rise for the stock on BSE after three days.

A total of 21.78 crore shares changed hands on BSE against a two-week average of 3.97 crore shares. On NSE, a total of 51.56 crore shares changed hands. Deliverable quality as percentage of traded quantity stood at 26.56 per cent on NSE and 22.14 per cent on BSE.

Recently, Vodafone Idea said the telecom operator and ATC have mutually extended the last date for subscription of the OCDs to February, 28, 2023 or such later date as may be mutually agreed, subject to fulfilment of certain conditions precedent, including inter alia the approval of the shareholders of the company and conversion by the government of India of interest from deferment of adjusted gross revenue and spectrum dues owed by the company into equity shares of the company.

Vodafone Idea’s proposal to issue Rs 1,600 crore debentures to mobile tower vendor ATC Telecom Infrastructure had lapsed in the absence of any response from the government on the conversion of interest dues into equity, PTI reported this week.

VIL, the PTI report suggested, was of the view that by the time of issuing OCDs, the government would have converted the interest from deferment of adjusted gross revenue and spectrum dues owed by the company into equity.

However, the government has not converted the interest liability of VIL into the equity of the company, the PTI reported added.

The government has given telecom operators an option of paying the interest in deferred spectrum instalments and AGR dues by way of conversion into equity.

Also Read: Vodafone CEO Nick Reed to step down from his role

Comments (0)
Add Comment