Vi shares increase by more than 10% ahead of board meet to raise funds

Vodafone Idea stocks increased 10.45% over the previous BSE (Bombay Stock Exchange) closing of Rs 6.41 to reach Monday's intraday trade high at Rs 7.08.

A day before the board meeting where it was decided to consider raising money for the struggling carrier, shares of Vodafone Idea remained in the spotlight today.

The Vodafone Idea stocks increased 10.45% over the previous BSE (Bombay Stock Exchange) closing of Rs 6.41 to reach Monday's intraday trade high at Rs 7.08. After falling for five days straight, the price of Vodafone Idea has increased.

Struggling Vodafone Idea's board is scheduled to meet on Tuesday to discuss a proposal to issue Rs 1,600 crore debentures to mobile tower vendor ATC Telecom Infrastructues.

"We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 31st January, 2023, in relation to the said preferential issue of optionally convertible debentures (OCDs) to ATC Telecom Infrastructure Private Limited (ATC ) and to convene the Extraordinary General Meeting of the Company to seek approval of the shareholders in this regard," said Vodafone Idea in a BSE filing.

The telco in one year, lost 36.85% of its value, and by 2023 it had dropped 13.67%. A total of 304. 97 lakh shares of Vi were traded for a value of Rs 20.75 crore on the BSE, increasing the telco's market value increased to Rs. 21,905 crore.

For Q2 of FY23, Vi recorded an increase in loss reaching to Rs 7595.50 crore from Rs 7296.70 crore in the first quarter of FY23 and Rs 7,132 crore in the same quarter last year.

With a QoQ growth of 1.96% the company generated net sales of Rs 10, 614.6 crore as opposed to Rs 10, 410.10 crore in the first quarter of FY23.

The business reported EBITDA of Rs 4,097.50 crore for the quarter ended September in comparison to Rs 4,328.40 crore for the quarter ended June, a QoQ decline of 5.33%. EBITDA margin decreased from 41.6% in Q1FY23 to 38.6% in Q2FY23.