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Vodafone Idea approves Rs 2,458 crore fundraising for expansion efforts

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In Short:

Vodafone Idea will raise Rs 2,458 crore by issuing equity shares to Nokia Solutions and Ericsson India. The company will issue a total of 166 crore shares at a price of Rs 14.80 per share. An extraordinary general meeting will be held on July 10, 2024, to approve the fundraising plan. The total value of the shares issued will be Rs 1,520 crore and Rs 938 crore, respectively.


Vodafone Idea Board Approves Fundraising Plan

Vodafone Idea’s board of directors have approved a fundraising plan where the company will raise up to Rs 2,458 crore by issuing over 166 crore fully paid-up equity shares in one or more tranches on a preferential basis.

The decision was taken at a meeting held on Thursday and the announcement was made after market hours.

Details of the Fundraising Plan

The company, in its filing to the exchanges, said up to 1,02,70,27,024 equity shares of face value of Rs 10 apiece will be issued at a price of Rs 14.80 per equity share (including a premium of Rs 4.80 per equity share) to Nokia Solutions and Networks India Private Limited, a non-promoter of the company. The aggregate value of the shares will be up to Rs 1,520 crore.

Apart from this, Vi will also issue up to 63,37,83,780 equity shares at an issue price of Rs 14.80 per unit that includes a premium of Rs 4.80 per equity share to Ericsson India Private Limited, a non-promoter of the company. The issued shares will be worth up to Rs 938 crore.

Approval and Meeting

The board also approved convening of an extraordinary general meeting of the company on Wednesday, July 10, 2024, to approve the above matters, the exchange filing said.

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