Vodafone Idea shares rally nearly 7% as K M Birla returns to company board
The stock of the telecom firm ended at Rs 6.48, a jump of 6.93 percent on the BSE. During the day, it zoomed 9.73 percent to Rs 6.65.
Shares of Vodafone Idea jumped nearly 7 percent on Friday after Aditya Birla Group Chairman Kumar Mangalam Birla returned to the board of the debt-ridden firm as an additional director in a non-executive and non-independent role. The stock of the telecom firm ended at Rs 6.48, a jump of 6.93 percent on the BSE. During the day, it zoomed 9.73 percent to Rs 6.65.
At the NSE, it rallied 6.61 percent to settle at Rs 6.45. On the traded volume front, 738.77 lakh shares of the company were traded on the BSE and over 32.62 crore shares at the NSE during the day. Birla stepped down from Vodafone Idea Ltd (VIL) board in August 2021 as non-executive chairman of the company.
"...the board of directors of the company...at its meeting appointed Kumar Mangalam Birla, as an additional director (Non-Executive and Non-Independent) with effect from 20 April 2023," VIL said in a regulatory filing on Thursday.
VIL is reeling under a debt of Rs 2.22 lakh crore, comprising deferred spectrum payment obligations of Rs 1.39 lakh crore and adjusted gross revenue liability of Rs 69,910 crore that are due to the government. The debt from banks and financial institutions stood at Rs 13,190 crore as on December 31, 2022.
ALSO READ | Vodafone Idea in talks with Indian banks, lenders to refinance loans worth Rs 3,000-4,000 crore
ALSO READ | Vodafone Idea says industry needs tariff increases at regular intervals