Shares of debt-laden telecom operator Vodafone Idea saw a decline on June 11 as the company prepares to consider significant proposals on June 13. The board will discuss issuing equity shares and convertible securities on a preferential basis to vendors.
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In a regulatory filing, the firm said, “We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 13 June 2024, inter-alia, to consider and evaluate proposals for issuance of equity shares and/or convertible securities on a preferential basis to vendors, subject to such approvals as may be required, including approval of the shareholders of the company.”
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The Vodafone Idea stock declined by 1.08 per cent, reaching ₹15.64 on the BSE on June 11 at 10:54 am. This increase pushed the company’s market capitalization to ₹1.05 lakh crore. A total of 47.69 lakh shares exchanged hands, resulting in a turnover of ₹7.58 crore on the BSE.
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Last month, Vodafone Idea (VIL) announced a larger loss of ₹7,675 crore for the March quarter, mainly due to rising interest and financing expenses.
For the fiscal year ending March 31, 2024, VIL’s losses grew to ₹31,238.4 crore, compared to ₹29,301.1 crore the previous year. Meanwhile, the annual revenue from operations saw a slight increase of 1.1 percent, reaching ₹42,651.7 crore from ₹42,177.2 crore in 2022-23.
