Citi has reaffirmed its “buy” rating with a high-risk tag on Vodafone Idea, maintaining a target price of ₹13. This suggests a potential upside from the current market price of ₹7.75, contingent on key catalysts being resolved.
The brokerage highlighted that clarity on debt funding remains critical for the stock’s trajectory moving forward. An extraordinary general meeting (EGM) is scheduled for January 7, where shareholders will vote on the ₹1,980 crore preferential allotment of shares to Vodafone Group Plc at a price of ₹11.28 per share.
Citi emphasized that the EGM outcome and further clarity on funding could significantly influence investor sentiment and the company’s financial stability in the coming months.
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