Shares of telecommunications company Vodafone Idea (VI) rose around 10% in intraday trading on Tuesday following media reports that US retail giant Amazon and a group of investors are in talks with Aditya Birla Group to invest about Rs 20,000 crore there.
Shares of Vodafone Idea jumped 10% in morning trading to touch 10.20 rupees on the National Stock Exchange (NSE).
Shares of the company had 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 around Rs 20,000 crore into the beleaguered society.
Proceeds from the sales are expected to be used for bidding for the upcoming 5G spectrum auction as well as for capital expenditures, the reports citing sources said.
Reports further state that Vodafone Idea is also talking to private equity investors, in a bid to gain exposure to the Indian telecom sector.