Shares of Vodafone Idea Ltd surged 12% and hit a 52-week high of Rs 18.40 on 23 February after the company announced that its Board of Directors are set to meet on 27 February to consider and approve raising funds.

The company is planning to raise funds via a rights issue, private placement including a preferential allotment, a further public offer, a QIP or any other permissible mode or a combination thereof.

In its filing, the company added the options to raise funds via Global or American Depository Receipts, convertible debentures, or bonds, including foreign currency convertible bonds; warrants are also on the anvil.

Earlier on 22 February, Kumar Mangalam Birla, Chairman of Aditya Birla Group, announced that they are on the lookout for new investors for Vodafone Idea.

In its quarterly report for October-December, the company reported a net loss of Rs 6,985.9 crore for the quarter under review from Rs 7,990 crore net loss reported in the same quarter of the previous fiscal year.

In December, the company lost around 13.7 lakh users compared to the 10.7 lakh users it had lost in November.

At 2:41 pm, the shares of Vodafone Idea were trading 8.90% higher at Rs 17.75 on NSE.