Vodafone Idea to raise ₹2,458 crore through equity shares
Vodafone Idea's board of directors has approved a plan to raise up to ₹2,458 crore by issuing over 166 crore fully paid-up equity shares. This decision was made during a meeting today. The company plans to issue these shares in one or more tranches on a preferential basis. The announcement was made after market hours. The company's shares closed at ₹14.80 apiece, up 0.68% on the BSE.
Details of the equity share issuance
Vodafone Idea plans to issue up to 1,02,70,27,024 equity shares with a face value of ₹10 each at a price of ₹14.80 per equity share. This includes a premium of ₹4.80 per equity share. These shares, with a total value of up to ₹1,520 crore, will be alloted to Nokia Solutions and Networks India Private Limited. Additionally, the company will issue up to 63,37,83,780 equity shares at the same price to Ericsson India Private Limited, another non-promoter of the company.
Extraordinary general meeting scheduled for July
The board has also approved an extraordinary general meeting (EGM) on Wednesday, July 10, to seek approval for the proposed fundraising plan. The company will seek shareholder approval for the issuance of equity shares to Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited. The EGM will also discuss and seek approval for the appointment of a new director on the board.
