Vodafone Idea shares rise 2% as SBI-led 35,000cr plan considered
Vodafone Idea saw its shares pop 2% after news broke that a State Bank of India-led consortium is considering a huge ₹35,000 crore funding plan for the telecom company.
The proposal includes ₹25,000 crore in funded facilities and another ₹10,000 crore in non-funded facilities.
SBI is expected to lead the charge, but each lender still needs to sign off before the deal can go through.
Vodafone Idea lenders seek repayment guarantees
To protect themselves, lenders are asking Vodafone Idea for repayment guarantees in the event of a default.
If the funds come through, they'll help boost Vodafone Idea's network and make it more competitive.
Meanwhile, brokerage firm Jefferies called Vodafone Idea a "high-beta turnaround opportunity," assigning a price target of ₹20 and predicting steady growth ahead, though more cash may be needed down the line to keep things rolling.