Shares of Vodafone Idea (Vi) rose 7 per cent to Rs 11.03 on the Bahrain Stock Exchange in trading on Wednesday on the back of higher volumes, in an otherwise weak market.
At 10:40 a.m. Vi share was trading 6 per cent higher at 10.95 rupees, compared to a 1 per cent drop in S&P BSE Sensex. The counter witnessed huge trading volumes as 214 million shares of stock were traded on the NSE and BSE exchanges. The share of the telecom services company rose for the fourth consecutive day and rose by 14 percent during the same period.
The company’s board of directors on March 31, 2022 approved an allotment of 3,383 million shares of stock at Rs 13.30 per share to three entities from the group of promoters – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs 4,500 crore.
The debt-laden telecom operator said on March 3 that its board of directors had approved raising up to Rs 14,500 crore, including Rs 4,500 crore from the promoting entities – Vodafone and Aditya Birla Group. She said the sum of Rs 10,000 crore will be raised via equity or debt instruments, in one or more tranches.
Meanwhile, British telecoms giant Vodafone raised its stake in Vi to 47.61 percent through its subsidiary Prime Metals, said a regulatory filing on Monday. The company previously held a 44.39 percent stake in Vi.
Regardless, according to an OpenSignal report, Vi’s network saw 13.6Mbps download speeds – 0.4Mbps faster than Airtel users. Vi users also note the fastest average download speeds of 4.9 Mbps, putting the Vi ahead of Airtel (4.3 Mbps) and Jio (4.1 Mbps) in this category.
Jio led the trial of 4G availability and 4G coverage as users on its network spent the largest percentage of time connecting to 4G services – 99.5%. ICICI Securities said in a note that Airtel comes in second with a 4G availability score of 98.3 percent, followed by a Vi score of 92 percent.