"On February 26, shares of Vodafone Idea Ltd experienced a decline of over 2 percent, ahead of the company’s board meeting scheduled to discuss a proposal for a significant capital fund raise.
During afternoon trading, Vodafone Idea traded 2.6 percent lower at Rs 17.25 on the National Stock Exchange.
According to a report by CNBC-TV18, no listed company within the Aditya Birla group is expected to participate in the fundraising plans. Instead, the promoters will provide funding for the company, as per sources cited in the report.
In the preceding two sessions, the telecommunications company’s shares had surged by 14 percent following the news of the fund raise plans.
Vodafone Idea had earlier disclosed in an exchange filing on February 22 that it would consider various proposals for raising capital through avenues such as rights issue, public offer, private placement (including preferential allotment), or qualified institutional placement, in one or more tranches."