The report also said that the company is looking to identify US investors for the same and is working with PJT Partners on fundraising.
Earlier in the day, a media report suggested that retailer Amazon and wireless operator Verizon Communications were looking to invest more than $ 4 billion for a stake in the telecommunications operator. These reports come a day before the Vodafone Idea board meeting on fundraising.
Shares of Vodafone Idea rose nearly 30 percent to a 52-week high of 12.88 rupees in an otherwise weak Mumbai market. The stock closed at 12.56 rupees, an increase of 26.74 percent on the BSE.
People with knowledge of the matter had previously told ET that the distressed operator is close to immobilizing the funds as clarity has emerged for the telco about AGR’s payment terms. The Supreme Court, in its ruling on Tuesday, gave the mobile operator 10 years to pay the government fees.
Vodafone Idea, which is a joint venture between Great Britain’s Vodafone Group Plc and India’s Idea Cellular, had previously said that its ability to continue as a going concern was based on a positive audience result.
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