Vodafone Idea Limited (NSEI:IDEA) jumped nearly 4% on April 3, 2024 to hit the day's high of INR 13.95 on the NSE after the telecom operator informed about getting shareholders? consent for its proposal to raise INR 200.00 billion through a combination of equity and equity-linked securities. On February 27, the company?s board had approved the proposed fundraising plan.

The shareholders consent comes a day after the troubled telecom player reported a loss of 1.52 million wireless subscribers. Its mobile subscriber base stood at 221.5 million in January, as per TRAI data. The decision to raise funds cheered investors as the buying action picked-up in the stock as over 347.9 million shares changed hands on the NSE around 1:50 pm.

With shareholders? approval in place, the company expects to complete the equity fund raise in the current quarter. The promoters will also participate in the proposed equity raise, as committed earlier, the company had said.

Vodafone Idea remains actively engaged with its lenders for tying up debt funding, which will follow the equity fundraising. Through the combination of equity and debt, the cash-strapped operator plans to raise around INR 450.00 billion.