India's Vodafone Idea gains on $234 mln share issue plan

Indus Towers

10/12/2024 04:03

** Shares of Vodafone Idea  VODA.NS  climb as much as 2.6%
to 8.30 rupees; last up ~1%
    ** Telecom firm will raise up to 19.80 bln rupees ($234 mln)
via issue of preferential shares to entities of UK-based parent
Vodafone Group  VOD.L 
    ** Co did not specify details about plans to use the funds;
analysts say it is likely to help VODA pay some dues to telecom
infra provider Indus Towers  INUS.NS 
    ** Avg rating on VODA at "hold" vs "buy" on larger rival
Bharti Airtel  BRTI.NS  - LSEG data
    ** VODA down ~49% while BRTI up ~55% YTD 



($1 = 84.7920 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))