Vodafone Idea limited on Wednesday approved Rs25,000-crore right issue at a sharp discount. The company set its issue price at Rs12.50 apiece, Rs2.50 premium over face value of Rs10. Share holders will be able to buy 87 shares for every 38 shares held for the set issue price, the telecom major said on Wednesday.
Following the development, the stock initially took a fall through the morning session, amid high volatility that resulted the stock to hit an intraday low of Rs30.30 down 5.30%.
The Company also fixed the record date as 2 April, 2019 for the purpose of determining the share holders who will be entitled to apply for the Issue.
However, stock price gradually recovered its early gains and is trading 1.25% higher at Rs32.45 on the NSE at 2.10 PM, Wednesday. In comparison Sensex trade higher by 97 points at 38460 and the Nifty quotes at 11535.80 up 3.40 points.