Vodafone Idea shares trade higher on rebranding

Shares of Vodafone Idea traded in the green in intraday trade after surging 10 percent on BSE on September 7 after the company rebranded itself as “Vi” (read as We).

"Vi is built to be strong, ever-dependable, agile, intuitive, and a brand in tune with the needs of the customers, in these ever-changing times. It is designed to help customers move ahead in life, for a better today and a brighter tomorrow. Vi is future-ready and is committed to dynamically serve and enable a digital society to progress in life," the company said in a media release.

The board of Vodafone Idea on September 4 approved fundraising up to Rs 25,000 crore via a mix of instruments, the company said in an exchange filing.

The company is looking to raise funds, in one or more tranches, via issuance of Global Depository Receipts (GDRs), American Depository Receipts (ADRs), foreign currency convertible bonds (FCCBs), convertible debentures and warrants.

The board has decided to raise up to Rs 15,000 crore via equity and another tranche of Rs 15,000 crore by way of a public offering or private placement of non-convertible debentures. It has, however, capped the total fundraising at Rs 25,000 crore.

The proposal will be taken up for consideration at the company's annual general meeting (AGM) on September 30.

Shares of the company traded 4.58 percent higher at Rs 12.56 on BSE at 12:50 hours.