New Delhi, Sep 7 (PTI) Shares of Vodafone Idea on Monday gained over 2 per cent after its board approved fund-raising plans of up to Rs 25,000 crore through a combination of equity and debt instruments, to keep the company afloat.

The stock rose by 2.41 per cent to close at Rs 12.30 on the BSE. During the day, it jumped 9.99 per cent to Rs 13.21.

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On the NSE, it gained 2 per cent to close at Rs 12.30.

The upcoming fundraising will offer a lifeline to cash-strapped VIL, which has suffered massive losses, has been losing subscribers and Average Revenue Per User (ARPU), and faces outstanding Adjusted Gross revenue (AGR) dues of about Rs 50,000 crore.

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Struggling telecom operator Vodafone Idea on Monday said that the Supreme Court giving 10 years to telcos to clear past dues is eventually a good outcome but stressed that mobile tariffs need to be raised to give sustainability and returns to companies.

At a virtual briefing on Monday, Ravinder Takkar, MD and CEO, Vodafone Idea Limited said the company, in the past, had not shied from raising tariffs, which are under forbearance but insisted that the regulator and the government should take a call on fixing a minimum floor price.

Besides, Vodafone Idea on Monday unveiled a new brand identity, as the struggling telco looked to rediscover itself post the apex court's ruling on past statutory dues.

VIL, which had about 280 million subscribers as of June, said that Vodafone and Idea brands will now be called 'Vi'.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)