Stocks

Vodafone Idea shares rise 4 per cent on reports of funding offer

Our Bureau Mumbai | Updated on November 19, 2020 Published on November 19, 2020

A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to the telecom operator.

Vodafone Idea Ltd (VIL) shares rose 4 per cent on Thursday following reports that a consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to the telecom operator.

Oaktree has teamed up with several other firms including Varde Partners, for the potential deal with Vodafone Idea Ltd, a report by Bloomberg, which quoted people with knowledge of the matter.

When contacted by BusinessLine, spokespersons of Oaktree Capital and Varde Partners declined to comment, while VIL did not respond.

VIL shares, which opened at ₹9.12, rose to a high of ₹9.59 on Thursday. VIL shares had closed at ₹9.20 on Wednesday.

Vodafone Idea, which narrowed its net loss to ₹7,218 crore in the second quarter of, had earlier approved fund-raising of up to ₹25,000 crore, which would be used to pay for Adjusted Gross Revenue dues and network expansion.

Also Read: Vodafone Idea approves fund raise of up to Rs 25,000 crore

According to earlier reports, the Indian unit of British telecom major Vodafone Group, was in talks with various global investors to raise about $1.5 billion.

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Published on November 19, 2020
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