Shares of Vodafone Idea climbed nearly 4% on Friday after the company displayed concrete signs of gaining more equity funding from investors.
What Happened: The telecom company informed the Department of Telecommunications (DoT) that it has received term sheets from several potential investors for an equity infusion.
CEO Akshaya Moondra said that one of the investors will seek a meeting with authorities to get assurances of continued government support.
See Also: Why Bharti Airtel Shares Are Down Today?
It was previously reported that the struggling telecom giant, plans to pay off around ₹2,400 crore it owes to the government by September.
The company intends to raise funds to put in force a ₹65,000 crore capex plan over four years.
Vodafone Idea has consistently lagged behind market leaders Bharti Airtel and Reliance Jio in subscriber count, with Vodafone's customer loss continuing in June. However, the pace of churn slowed to 1.3 million subscribers versus 2.8 million users in May.
Price Action: Vodafone Idea’s share price was up 3.77% at ₹8.25 in early trade on Friday.
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