Vodafone Idea shares rise over 3% as company plans to clear Rs 2,400 crore dues by September
IIE Digital Desk : Shares of Vodafone Idea rose over 3% on Wednesday after the company said it plans to clear around Rs 2,400 crore of dues to the government by September. The company had earlier said it would clear all its dues by March 2023. However, the latest announcement is seen as a positive development by investors, as it will help the company improve its financial health. Vodafone Idea is one of the largest telecom operators in India. It has been struggling financially for several years due to a high debt burden and stiff competition from rivals.
The company's shares have been on a downward trend in recent months. However, the latest announcement has helped to boost investor sentiment. The company is also planning to raise around Rs 10,000 crore through a combination of equity and debt. The funds will be used to improve its network and customer service. Analysts say that Vodafone Idea's plans to clear its dues and raise fresh capital are positive steps. They believe that these measures will help the company to turn around its financial performance.
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