Shares of Vodafone Idea rise as much as 6.2 per cent to Rs 17.15. This is the stock’s highest since April 25
In a Bombay Stock Exchange (BSE) filing, the company said that its Rs 25000 crore ($3.60 billion) rights issue has been oversubscribed.
“The successful closure of rights issue is a clear indication of the investors' belief in our post-merger strategy and our ability to leverage the growth opportunities offered by the sector,” said the company’s Chief Executive Officer (CEO) Balesh Sharma.
The shares of Vodafone Idea went down 29.2 per cent as of the last close.