Vodafone Idea share price: Vodafone Idea rises more than 5% as company prepays short-term loan of Rs 2,700 crore to SBI

Shares of the telecom operator soared more than 5% in Monday’s trading after the company prepaid a short-term loan of around Rs 2,700 crore at .

As of 9:55 p.m., the certificate was trading 4.24% higher at Rs 9.35 compared to the last day’s close of Rs 8.97 apiece. The stock is up nearly 29% over the past year, but is down nearly 40% so far in 2022.

Loss-making Vodafone Idea (Vi) has prepaid a short-term loan of around Rs 2,700 crore to SBI in a bid to boost lenders’ confidence as it urgently seeks new bank funds to secure deals of supplying equipment for 5G networks and also clearing some of its trade debts of nearly Rs 15,000 crore, comprising dues to tower companies, network equipment vendors and other vendors.

Meanwhile, Vi’s trade payables jumped nearly 13.6% sequentially to Rs 14,956.2 crore in the June quarter. These debts – which are part of Vi’s current liabilities – include amounts due to tower companies and network providers / other suppliers, which were estimated to be around Rs 9,500 crore and Rs 5,500 crore, respectively, at the end of the June quarter, people familiar with the matter said. .

For the quarter ended June 30, 2022, the company reported consolidated net sales of Rs 10,410.1 crore, up 13.74% from Rs 9,152.3 crore in the prior year quarter. . The company reported a net loss of Rs 7,297.1 crore for the last quarter.