Vodafone Idea shares rise sharply ahead of Tuesday's Board meeting

Shares of telecom operator Vodafone Idea rose sharply on Monday in an otherwise weak market sentiment.

Shares of telecom operator Vodafone Idea rose sharply on Monday in an otherwise weak market sentiment. Its shares rose over 9 per cent ahead of a meeting of the Board of Directors of the company scheduled for Tuesday.

At the time of writing this report, they, however, pared some gains to trade at Rs 6.80 per share, up 6.25 per cent. Since the start of 2023, the shares have declined over 16 per cent on a cumulative basis.

On Thursday, it informed the stock exchanges through a regulatory filing that its Board will meet on January 31, 2023, for approving the preferential issue of optionally convertible debentures (OCDs) to ATC Telecom Infrastructure Private Limited The telecom operator, in the filing, said that the meeting on January 31 is to "seek approval of the shareholders" for the preferential issue.

On November 21, shareholders of Vodafone Idea reportedly approved issuing OCDs worth Rs 1,600 crore to ATC Telecom Infrastructure on a preferential basis to settle dues. 

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