Vodafone Idea shares jump 9% as Vodafone Group makes about Rs 1,530 cr accelerated payment

Shares of Vodafone Idea Ltd ended over 9 percent higher on Thursday after British telecom giant Vodafone Plc said it has advanced infusion of $200 million (about Rs 1,530 crore) in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues

Press Trust of India April 23, 2020 17:20:03 IST
Vodafone Idea shares jump 9% as Vodafone Group makes about Rs 1,530 cr accelerated payment

New Delhi: Shares of Vodafone Idea Ltd ended over 9 percent higher on Thursday after British telecom giant Vodafone Plc said it has advanced infusion of $200 million (about Rs 1,530 crore) in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues.

The scrip, which advanced 14.89 percent to Rs 4.55 during the day on the BSE, closed at Rs 4.33, up 9.34 percent.

Vodafone Idea shares jump 9 as Vodafone Group makes about Rs 1530 cr accelerated payment

Representational image. Reuters.

At the National Stock Exchange, it zoomed 8.86 percent to close at Rs 4.30. During the day, it climbed 13.92 percent to Rs 4.50.

In terms of volume, 758.47 lakh shares were traded at the BSE, while about 69 crore shares changed hands on the NSE during the day.

"Vodafone Group announces that it has accelerated payment of $200 million to Vodafone Idea, which was due in September 2020 under the terms of the contingent liability mechanism with Vodafone Idea," the group said in a statement on Wednesday.

Vodafone Group said it has "accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support approximately 300 million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID-19 pandemic".

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