Vodafone Idea approves fundraising worth Rs 2,458 crore

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.

The company, in its filing to the exchanges, said upto 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 upto Rs 1,520 crore.

Apart from this, Vi will also issue upto 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.

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.