Vodafone Idea (Vi) had reportedly prepaid Rs 2700 crore to the State Bank of India (SBI) in order to gain the trust of the lenders back. The telco wants to raise more funds for the 5G rollout and 4G expansion, and winning the trust of the lenders was important to do so. Vi's stock jumped on Monday in a significant manner. At the time of writing, the telco's stock is trading for Rs 9.30, which is 3.91% up. So far today, the stock has touched a high of Rs 9.45, which is close to over 5% up.
Investors and traders might be feeling a little positive after the move which Vi pulled. The telco has got the 5G spectrum from the government and is now just waiting for the funding, and then it will be able to place an order for the equipment and go ahead with the 5G rollout. The stock of the telco had previously closed at Rs 8.95 and opened at Rs 9.05 on Monday, signalling a positive outlook for the traders and investors. But the troubles of the telco are far from over.
Vi's CEO, Akshaya Moondra, had said that the telco is currently in talks with several banks to arrange funds. Once that is done, the telco will be able to suggest a timeline for the 5G rollout.
