Vodafone Idea to raise Rs 2075 crore from Aditya Birla Group

 

Mumbai: The board of debt-ridden Vodafone Idea (VI) has approved a proposal to raise ₹2075 crore from promoter Aditya Birla Group, the telecom operator informed in a regulatory filing on Saturday.

“The Vodafone Idea board has approved issuance of up to 1,395,427,034 equity shares of face value of ₹10 each at an issue price of ₹14.87 per equity share (including a premium of ₹4.87 per equity share), aggregating to ₹2075 crore to Oriana Investments Pte Limited, on a preferential basis,” the filing stated.

Oriana Investments is an entity under the Aditya Birla Group.

The VI board also okayed an increase in the company’s authorised share capital, from the existing ₹75,000 crore ( ₹70,000 crore equity share capital plus ₹5000 crore preference share capital) to ₹1 lakh crore, the filing noted.

The increased authorised share capital will be divided into an equity share capital worth ₹95,000 crore and ₹5000 crore preference share capital.

On May 8, the telecom firm will hold an extraordinary general meeting (EGM) to seek shareholders’ approval on all the proposals.

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