Shares of Vodafone Idea slipped nearly 4% on Monday after witnessing a sharp rally of around 9% in the previous session. The telecom stock has still surged over 26% in the past one month, driven by speculation around promoter funding plans and hopes of financial restructuring.
According to a report by Communications Today, Vodafone Idea clarified that it has not received any communication from shareholder Vodafone Plc regarding the possible transfer of stake to the company as treasury stock. The clarification came after media reports suggested that Vodafone Group was considering transferring a part of its nearly 19% stake in Vodafone Idea instead of infusing fresh capital directly into the business.
Despite Monday’s decline, investor sentiment around the stock remained positive due to expectations of fundraising, AGR relief measures, and ongoing efforts by the telecom company to improve its balance sheet. Vodafone Idea shares have gained more than 26% in the last month amid renewed optimism surrounding the company’s future growth prospects.Despite Monday’s decline, investor sentiment around the stock remained positive due to expectations of fundraising, AGR relief measures, and ongoing efforts by the telecom company to improve its balance sheet. Vodafone Idea shares have gained more than 26% in the last month amid renewed optimism surrounding the company’s future growth prospects.
Vodafone Idea is currently in talks with lenders to raise around Rs 35,000 crore in debt. CNBC-TV18 had earlier reported that State Bank of India is likely to lead the lending consortium and a major portion of the borrowing will be through term loans. The Government of India is the largest shareholder in Vodafone Idea with around 49 percent stake, while Aditya Birla Group also holds a minority stake in the company.Shares of Vodafone Idea have gained about 68 percent in the last one year, valuuing the company at around Rs 1.08 lakh crore.