Vodafone Idea board meeting: Telecom company to consider share issuance to vendors, shares drop

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Vodafone Idea saw a decline on June 11 as the company prepares to consider significant proposals on June 13. The board will discuss issuing equity shares and convertible securities on a preferential basis to vendors.Also Read | Indigo Airlines share price down over 3% as Interglobe Enterprises plans to offload stake worth $394 millionIn a regulatory filing, the firm said, "We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 13 June 2024, inter-alia, to consider and evaluate proposals for issuance of equity shares and/or convertible securities on a preferential basis to vendors, subject to such approvals as may be required, including approval of the shareholders of the company."Also Read | ’Lok Sabha election result is a warning bell for us’: DK Shivakumar on losing to BJP in KarnatakaThe Vodafone Idea stock declined by 1.08 per cent, reaching ₹15.64 on the BSE on June 11 at 10:54 am.

This increase pushed the company’s market capitalization to ₹1.05 lakh crore. A total of 47.69 lakh shares exchanged hands, resulting in a turnover of ₹7.58 crore on the BSE.Also Read | Apple's AI push intensifies Big Tech race.

Gen AI commercialization next?Last month, Vodafone Idea (VIL) announced a larger loss of ₹7,675 crore for the March quarter, mainly due to rising interest and financing expenses.Also Read | Power Grid Share Price Live blog for 11 Jun 2024For the fiscal year ending March 31, 2024, VIL's losses grew to ₹31,238.4 crore, compared to ₹29,301.1 crore the previous year. Meanwhile, the annual revenue from operations saw a slight increase of 1.1 percent, reaching ₹42,651.7 crore from ₹42,177.2 crore in 2022-23.