Shares of Vodafone Idea fell over 14% on Wednesday after the board of the telecom operator approved raising as much as Rs 45,000 crore through equity and debt in an attempt to rescue the company.

Vodafone Idea’s shares hit an intraday low of Rs 13.60, 14.2% lower than its previous closing price on the National Stock Exchange (NSE). At 12:25 pm, the stock was trading 11.99% lower at Rs 13.95. 

The company said in an exchange filing on February 27 that its Board of Directors, in its meeting on Tuesday, approved raising funds through the issue of equity shares or other instruments, including convertible debentures, warrants or other securities or by way of non-convertible debentures with or without warrants or any combination thereof. 

The instruments will be issued through public offer, private placement including preferential issue, qualified institutions placement (QIP), or any other permissible mode in one or more tranches. The company’s promoters will also participate in the proposed equity raise.

Vodafone Idea stated in the statement that it will raise an aggregate amount of up to Rs 20,000 crore. The company plans a total fundraising, comprising both equity and debt, amounting to Rs 45,000 crore and is expected in the next quarter.

The fundraising plan is subject to the shareholders’ approval. The company will convene a meeting of its shareholders on April 2.