News24LAST UPDATED: Nov. 20, 2020, 1:49 p.m.
New Delhi (Anish Yande): Share prices for Vodafone Idea reached an incline by more than 3 percent on Friday. Vodafone Idea share price reached a high of Rs 9.70 per share, trading at 3.59 percent higher. Vodafone Idea is reportedly in talks with several investors, which led to the inline of the share price.
Vodafone Aiming to Reducing Losses:
The recorded gross revenue for Vodafone's September quarter was recorded at Rs 10,791 crore. Vodafone Idea has been cutting losses, narrowing losses for the recent quarter. In the September quarter, Vodafone Idea had narrowed their losses to Rs 7,218 crore.
In the second quarter of last year, Vodafone Idea's losses had been recorded at Rs 50,921.9 crore. These losses were recorded after the Supreme Court had mandated statutory dues for Vodafone Idea.
Comparatively, in this year's fiscal, Vodafone Idea's losses have considerably declined. The reduction of losses is indicative of an improvement in Vodafone Idea's economic prospects.
Vodafone Gains From Indus Tower Sale:
Vodafone Idea received Rs 3,760.10 crore in cash from its sale of its stake in Indus Towers. An 11.15% stake from Vodafone Idea in Indus Towers was acquired by Bharti Infratel.
The share prices for Vodafone Idea rose subsequently following this sale.
The telecom tower manufacturer merged with Bharti Infratel. The merged entity would gain an addition of over 1.6 lakh towers.
Oaktree Consortium Offers Vodafone Idea Rs 15,000 crore Capital:
Oaktree Capital Management is leading a consortium that has offered a capital of Rs 15,000 crore to Vodafone Idea.
The Oaktree consortium consists of firms such as Varde Partners. In September, Vodafone Idea declared plans to raise Rs 25,000 crore via equity and debt sources.
The Supreme Court had instructed the companies to pay 10 percent of the AGR dues by March 31, 2021. Vodafone Idea has paid Rs 7,850 crore of its dues.
The Oaktree consortium has approached Vodafone Idea offering a capital worth over $2 billion.
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