Vodafone Concept Ltd shares turned optimistic throughout Friday’s fag-end commerce. Through the preliminary session, the inventory slipped 5.41 per cent to hit an intraday low of Rs 12.23. It later rebounded 8.42 per cent from day’s low worth to hit Rs 13.26-level. The scrip ultimately settled 0.23 per cent increased at Rs 12.96 on BSE.

The counter noticed heavy buying and selling quantity immediately as round 15.82 crore shares modified fingers. This was far more than the two-week common quantity of 9.25 crore shares. Turnover on the counter got here at Rs 200.49 crore, commanding a market capitalisation (m-cap) of Rs 63,089.05 crore.

The sudden restoration got here after information company Reuters reported, citing sources, that US-based funding agency GQG Companions and State Financial institution of India Mutual Fund are contemplating investing in Voda Concept’s Rs 18,000 crore follow-on public provide (FPO). The FPO will open on April 18, 2024 and conclude on April 22, 2024. An official assertion on the identical is awaited.

The ground worth for the FPO has been set at Rs 10 and cap will probably be at Rs 11 per fairness share.

VIL had earlier talked about that the fundraising will allow it to make investments in direction of vital enlargement of 4G protection, 5G community rollout and capability enlargement.

Telco’s chief government Akshay Moondra, in an earnings name, anticipated that the operator may roll out its 5G providers inside six to seven months after it raises funds.

Vodafone Concept was fashioned in 2018 when Vodafone Group merged its India enterprise with Concept Mobile. The corporate, through which Vodafone owns greater than 25 per cent, is the nation’s third-biggest operator.

As of December 2023, promoters held 50.36 per cent stake within the firm.