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Tuesday, August 04, 2020

Vodafone Idea shares jump 15% as Vodafone Group makes about Rs 1,530 crore accelerated payment

The scrip advanced 14.89 per cent to Rs 4.55 on the BSE. At the National Stock Exchange, it climbed 13.92 per cent to Rs 4.50.

By: PTI | New Delhi | Updated: April 23, 2020 1:20:33 pm
Customers talk on mobile phones outside a Vodafone India Ltd. store in New Delhi, India, on Sunday, April 24, 2016. (File photo, source: Bloomberg)

Shares of Vodafone Idea Ltd on Thursday jumped nearly 15 per cent after British telecom giant Vodafone Plc said it has advanced infusion of USD 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 advanced 14.89 per cent to Rs 4.55 on the BSE.

At the National Stock Exchange, it climbed 13.92 per cent to Rs 4.50.

Vodafone Group, in a statement, 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.”

“Vodafone Group announces that it has accelerated a payment of USD 200 million to Vodafone Idea, which was due in September 2020 under the terms of the contingent liability mechanism with Vodafone Idea,” the statement said.

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