Birla returns to Vodafone-Idea board; VI shares rise 6% after this decision

Indian Billionaire Kumar Mangalam Birla has returned to the board of telecom company Vodafone-Idea (VI). Birla has been made the additional director of Vodafone-Idea. He left Vodafone-Idea about two years ago when he was the chairman of the company.
After this decision of the company, on Friday (April 21), the share of Vodafone-Idea closed at Rs 6.40 with a gain of 6.61%. It had closed at Rs 6.05 a day earlier i.e. on Thursday. The market cap of the company is Rs 30.57 thousand crores.
Vodafone said in an exchange filing that Kumar Mangalam Birla has joined the board of the company with effect from April 20. He is also the chairman of the Aditya Birla Group. Aditya Birla Group held an 8.36% stake in Vodafone-Idea as of February 7.
Two days ago, the telecom company said that non-executive director Krishna Kishore Maheshwari has resigned citing personal reasons. He has also been a former top executive of UltraTech Cement Limited of the Aditya Birla Group.
The net debt (loan) of Vodafone-Idea was $27.18 billion i.e. Rs 2.23 lakh crore. However, in February, the Government of India converted the company's outstanding equity (shares) to about $2 billion i.e. Rs 16.43 thousand crores.
After this, the Government of India became the largest shareholder of the company. In 2021, the government approved a rescue package for debt-ridden telecom companies.