Vodafone Idea share price rose 7 percent intraday on September 30 on report that promoters may infuse Rs 10,000 crore in the company.
The government expects Rs 10,000 crore of fund infusion by the promoters of Vodafone Idea, Vodafone Group Plc & Aditya Birla Group, news reports suggest.
The company said that any payment in the form of equity towards the principal or interest it owes the government will be in line with the rules of the market regulator SEBI.
Such payment will not constitute a special arrangement that would discriminate against any other investors, managing director and chief executive officer Ravinder Takker told Moneycontrol.
Takker said the government, like anyone else, was expected to follow the rule of the land.
Also Read - Vodafone Idea CEO says any equity conversion by govt will be in line with the rules, promoters to support fundraising plans
Vodafone Idea's total net debt stands at Rs 1.9 lakh crore and the total AGR dues as assessed by DOT are estimated at Rs 58,254 crore.
On the fundraising plan, Takker said the management was waiting for more details of the relief package to emerge.
“We will then update our business plan accordingly and as you can imagine, this package makes a significant change to our business plans,” he added.
Vodafone Idea had taken shareholders’ approval to raise Rs 25,000 crore but struggled to raise the funds.
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At 10:02 hrs Vodafone Idea Limited was quoting at Rs 11.92, up Rs 0.67, or 5.96 percent.
The share touched a 52-week high of Rs 13.80 and a 52-week low of Rs 4.55 on 15 January, 2021 and 05 August, 2021, respectively.
Currently, it is trading 13.99 percent below its 52-week high and 160.88 percent above its 52-week low.