Through a combination of equity and debt, Vodafone Idea plans to raise around Rs 45,000 crore. The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout.
Mittal said the telecom firm would require close $9 billion in capital infusion to stay in the game but "sadly, has not been the case for the last two or three years."
Jefferies said it has 'Buy' ratings on eight of its 10 covered industrial/power companies, except Cummins and BHEL. Larsen & Toubro (L&T), Siemens Ltd, Thermax Ltd and KEI Industries Ltd are its top picks.
Vodafone Idea stock has more than doubled investors wealth over the past six months, gaining 137 percent. In comparison, the frontline index Nifty 50 has risen around 12 percent during this period.