23-Feb-2024
2 mins read
The share price of Telecom company, Vodafone Idea, witnessed a strong buying on Friday morning, 23 February 2024, during the trading session. The stock price rose by more than 9% after the announcement about the Board meeting, which is going to be held on February 27, 2024, to discuss fundraising.
On Thursday, Vodafone Idea informed the exchange about the fundraising move and Board members will evaluate the different proposals. Company-informed meetings will evaluate proposals for raising funds in one or more tranches by way of the rights issue, public offer, preferential allotment, qualified institutional placement or any other permissible mode.
Other than this, there are other ways, such as the issue of equity shares or issuing any other instruments or securities that can be convertible into shares. Also, convertible debentures, warrants or non-convertible debentures.
Performance of Vodafone Idea Shares
In February 2024, Vodafone idea’s stock price sustained above $14 support and traded with a mild bullish bias. Yesterday, the company’s shares closed at Rs 16.30 with a gain of 6.19%.
Today, this news positively impacted the share price, and buying interest is visible. In the on-going intraday session, Vodafone idea stock hit an intraday high at Rs 17.95. The bullish momentum in the stock is still intact, and the price is racing toward the 52-week high placed at Rs 18.40.
Previously, on January 1, 2024, Vodafone Idea shares hit a high of Rs 18.40 and attempted to touch Rs 20 levels. But the attempt fails, and the price witnesses minor profit booking and retraces back to the 20-day EMA.
Luckily, buyers were present near Rs 14.00 and succeeded in halting the correction. Now, the fundraising news has given investors new hope, which is reflected in the share price.
New updates will come after the board meeting, which may decide the future direction of the stock.