Shares of telecom company Vodafone Idea (VI) rose around 10 per cent in intra-day trade on Tuesday over media reports that American retail giant Amazon and a group of investors are in negotiations with Aditya Birla Group for investing around Rs 20,000 crore in it.
Vodafone Idea shares jumped 10 per cent in morning trade to touch Rs 10.20 on the National Stock Exchange (NSE).
The company’s shares had opened at Rs 9.30 per share on the NSE, rose to Rs 10.20 per share levels and finally closed at Rs 9.55 per share.
According to media reports, Amazon is in talks with Aditya Birla Group to pump in around Rs 20,000 crore in the beleaguered company.
The sales proceeds are expected to be used for bidding for the upcoming 5G spectrum auction as well as for capital expenditure purposes, the reports said quoting sources.
Reports further said that Vodafone Idea is also talking to private equity investors, aiming to take an exposure in India’s telecom sector.