Vodafone Idea share price falls over 13% after board approves to raise Rs 45,000 crore

The company will complete its equity fund raise after calling for a meeting of its share holders on April 2, 2024, and getting a go-ahead from them. The promoters hold a 50.36 per cent stake in the telecom company. Shares of Vodafone Idea extended its loss during Wednesday’s trading session to slip 2.15 points, or 13.56 per cent to trade at 13.70 per equity. The stock started its trading today in red and tanked 4 per cent. The dip in share price comes after the company’s board of directors approved raising up to Rs 45,000 crore through a mix of equity and debt. Out of the said amount, Vodafone Idea plans to raise Rs 20,000 crore through a mix of equity and equity linked instruments. The promotors of the telecom company will also participate in the proposed equity raise. The company will complete its equity fund raise after calling for a meeting of its shareholders on April 2, 2024, and getting a go-ahead from them. The promoters hold a 50.36 per cent stake in the company.