Vodafone Idea shares up 106% in a year; here’s what analysts say

Shares of Vodafone Idea Ltd (VIL) have given multibagger returns in the past one year. The stock was last seen trading 0.99 per cent higher at Rs 14.33 on Tuesday.

At this price, it has rallied 106.19 per cent in a year. That said, the scrip has slipped 15.66 per cent on a year-to-date (YTD) basis.

The telecom operator, in an exchange filing, said it has received an order under the Central Goods and Services Tax Act, 2017, imposing a penalty of around Rs 44.05 lakh. “The company does not agree with the order and will take appropriate action(s) for rectification/reversal of the same,” it underscored.

Separately, VIL has informed that its extraordinary general meeting (EGM) is scheduled to be held on April 2, 2024.

The company has recently announced its plan to raise around Rs 45,000 crore via a combination of equity and debt. VIL’s board has also approved equity fundraise of up to Rs 20,000 crore.

The telco will call for a meeting of its shareholders on April 2 and post-shareholder approval it expects to complete the equity fundraise in the coming quarter. The promoters will also participate in the proposed equity raise, as committed earlier,” Voda Idea stated.

The company remains actively engaged with its lenders for tying-up the debt funding, which will follow the equity fundraise, it added. VIL mentioned that the equity and debt fundraising will enable it to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion.

In a recent earnings call, VIL CEO Akshay Moondra hinted that the telco could roll out its 5G services within six to seven months after the fundraise.