Voda Idea shares gain over 3 pc amid asset sale plan

Voda Idea shares gain over 3 pc amid asset sale plan

According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. Photo/Reuters

Shares of Vodafone Idea on Wednesday rose by over 3 per cent amid reports that the company is planning to sell some of its assets to raise over USD 2.5 billion (around Rs 17,500 crore).

On the BSE, the stock settled 1.98 per cent up at Rs 6.69. Intra-day, it had hit a high of Rs 7.08, increasing as much as 7.92 per cent over its previous close.

On the NSE, the stock appreciated by 3.05 per cent to end at Rs 6.75. It gained 8.39 per cent to a high of Rs 7.10 during the day.

In terms of equity volume, 3.03 crore shares of the company were traded on the BSE, and over 24 crore units changed hands on the NSE.

According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.

Vodafone Idea, reeling under massive debt of around Rs 1.17 lakh crore, had earlier cited acute financial stress on the company behind the decision to raise mobile call and data charges.

The company has an estimated liability of Rs 44,150 crore post the apex court order, and has made provisioning of Rs 25,680 crore in the second quarter this fiscal. 

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