Vodafone Idea stock falls 2% after a two-day rally; board takes up fund-raise plan on February 27

Shares of Vodafone Idea surged 14 percent in the past two sessions, buoyed by the fund raise plan

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Shares of Vodafone Idea Ltd fell more than 2 percent on February 26, a day ahead of the Aditya Birla group company’s board meeting to discuss the proposal for a large capital fund raise.

Vodafone Idea traded 2.6 percent lower at Rs 17.25 on the National Stock Exchange in the afternoon trade.

No listed company of the Aditya Birla group is likely to participate in the fundraising plans and the promoters will fund the company, CNBC-TV18 said in a report, citing sources.

The shares of the telecommunication company surged 14 percent in the past two sessions, buoyed by the news of the fund raise plans.

Vodafone Idea said in an exchange filing on February 22 that it would evaluate proposals for raising capital in one or more tranches through rights issue, public offer, private placement, including preferential allotment, or qualified institutional placement.