Business

Vodafone Idea to Issue Shares to Aditya Birla Group Entity for Rs 2,075 Crore

New Delhi, April 6 (IANS) – Vodafone Idea’s board of directors has approved a preferential issue of shares worth Rs 2,075 crores to an Aditya Birla Group entity. The issuance includes 1,395,427,034 Equity Shares at an issue price of Rs 14.87 per share.

The relevant date for determining the floor price of the Preferential Issue is set for April 8. The board also approved an increase in the company’s authorised share capital from Rs 75,000 crores to Rs 1,00,000 crores. An extraordinary general meeting is scheduled for May 8, 2024, to approve these matters.

In February, the Board of Directors had approved a fundraise of up to Rs 20,000 crores. The company plans to raise around Rs 45,000 crores through a combination of equity and debt funding. This will enable investments in 4G coverage expansion, 5G network rollout, and capacity expansion.

The company’s bank debt currently stands at less than Rs 4,500 crores. The equity and debt fundraising will support Vodafone Idea in achieving its strategic growth plans. Stay tuned for more updates on this development.

IANS

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