Shares of telecom company Vodafone Idea (VI) rose about 10 percent in intra-day trading on Tuesday after media reports that US retail giant Amazon and a group of investors are in negotiations with Aditya Birla Group to stake about Rs 20,000 crore in it. to invest.
Vodafone Idea shares rose 10 percent in morning trading to Rs 10.20 on the National Stock Exchange (NSE).
Shares of the company opened at Rs 9.30 per share on the NSE, rose to Rs 10.20 per share and finally closed at Rs 9.55 per share.
According to media reports, Amazon is in talks with Aditya Birla Group to inject about Rs 20,000 crore into the beleaguered company.
The sale proceeds are expected to be used for bidding on the upcoming 5G spectrum auction and for investment purposes, the reports said, citing sources.
Reports further said Vodafone Idea is also in talks with private equity investors, aiming to take exposure in the Indian telecom sector.