Vodafone share price surges 15%, hits 52-week high; here's why
₹10.40 on Friday's sessions. Vodafone shares have closed in the green for the past seven of the last nine trading sessions. Vodafone share price today opened at ₹9.13 on BSE today.
For the first time in more than a year, Vodafone Idea share price is back above the ₹10 threshold. Vodafone shares closed 10.61% higher at ₹10.01 apiece. According to trendlyne data, Vodafone shares has gained 75.44% from 52-week low of 5.7 recorded on March 31, 2023.
Rajesh Bhosale - Equity Technical and Derivative Analyst, of Angel One, said that the last 2 weeks has been specatular for this underperforming counter, this week itself we are seeing a 14% upmove and has broken below recent hurdle of 9. This upmove may extend with potential target of 12.4 , the levels are around 9 is likely to act as support. After receiving an extension to issue Optionally Convertible Debentures (OCDs) to ATC, the stock was in focus last week.
On Monday, August 28, the company said that ATC have agreed to extend the period of redemption of 8000 OCDs from 6 months, from the date of allotment of first tranche of OCDs (which was falling due on 28th August, 2023), to 18 months from the date of allotment, subject to certain conditions as mutually agreed, according to exchange filing. Optionally convertible debentures are debt securities which let issuer to raise capital. In return the issuer pays interest to the investor till the maturity.
In this case, investors have the right to convert the debt into equities of the issuing company. The price of the equities is decided at the time of the issue. Also Read: Vodafone Idea extends OCD redemption allotted to ATC by one year In February, Vodafone Idea's shareholders have approved the preferential issuance of up to
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