Vodafone Idea Ltd witnessed a significant surge in its shares, climbing up to 10 percent on Wednesday. The telecom services provider is reportedly seeking to revitalize its business by injecting approximately Rs 14,000 crore in equity. The stock opened at Rs 8.48 per share on BSE, marking an impressive 10 percent increase from the previous close.

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According to media reports, Vodafone Idea intends to infuse Rs 14,000 crore in the near future. The existing promoters, Aditya Birla Group and UK-based Vodafone Group, are expected to contribute around half of the total amount, an ET report stated, quoting people in the knowledge of the development.

The report suggests that Aditya Birla Group and Vodafone will inject Rs 2,000 crore as fresh equity into the company, while an additional Rs 7,000 crore will be raised from external investors.

Following the government's announcement of a revival package for telecom players in September 2021, the promoters have already invested approximately Rs 5,000 crore in the company. Notably, Kumar Mangalam Birla, the chairman of the Aditya Birla Group, made a comeback to the company's board in April 2023 after a hiatus of 20 months. Aditya Birla Group owns a significant 32 percent stake in Vodafone Idea Ltd.

In February 2023, the government approved the conversion of interest dues worth over Rs 16,133 crore of Vodafone Idea into equity shares with a face value of Rs 10 each. This relief was part of the reform package introduced by the government in September 2021.

Vodafone Idea has been grappling with a loss of subscribers, as its competitors Reliance Jio and Bharti Airtel have already launched 5G services in India. Since April 2021, Vodafone Idea has witnessed a decline of over 4.24 crore subscribers.

At 10:17 am, shares of Vodafone Idea were trading at Rs 8.15 apiece on BSE, exhibiting a notable 5.84 percent increase.