The Vodafone Idea (Vi) Board of Directors approved the issuance of up to 175.53 crore equity shares on a preferential basis to raise up to Rs 1,980 crore on Monday, December 9. India's third-largest telecom operator, in its meeting held today, approved the Preferential Issue, according to a filing.
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Details of the Preferential Issue
The shares will be issued at Rs 11.28 per equity share. "Issuance of up to 1,755,319,148 equity shares of a face value of Rs 10 each at an issue price of Rs 11.28 per equity share (including a premium of Rs 1.28 per equity share) for an aggregate consideration of up to Rs 1,980 crore on a preferential basis (Preferential Issue)," the company said in a stock exchange filing on Monday.
Vodafone Idea's Fundraise
The Board of Directors of Vodafone Idea Limited approved a preferential issue to Omega Telecom Holdings Private Limited for up to Rs 1,280 crore and to Usha Martin Telematics Limited for up to Rs 700 crore, both Vodafone Group entities and promoters of the company.
The meeting of the Board of Directors commenced at 4:00 PM and concluded at 4:25 PM. The relevant date, in terms of the provisions of ICDR Regulations for determining the floor price of the Preferential Issue, is Friday, December 6, 2024, Vi said.
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Vodafone Group reportedly holds a 22.56 percent stake in Vodafone Idea, Aditya Birla Group holds 14.76 percent, and the government has a 23.15 percent stake.
