Vodafone Idea to raise Rs 1,980 crore via preferential shares to Vodafone group

NEW DELHI: Ailing telecom operator Vodafone Idea on Monday said its board approved the issuance of up to 175.5 crore shares on a preferential basis to Vodafone Group entities to raise up to Rs 1,980 crore. The debt-ridden telco pegged the issue price at Rs 11.28 per equity share.

"...Board of...Vodafone Idea Limited at its meeting held today, December 9, 2024, approved...issuance of up to 1,755,319,148 equity shares of face value of Rs 10 each at an issue price of Rs 11.28 per equity share (including a premium of Rs 1.28 per equity share) for an aggregate consideration of up to Rs 1,980 crore on a preferential basis to Omega Telecom Holdings Private Limited (up to Rs 1,280 crore) and Usha Martin Telematics Limited (up to Rs 700 crore), Vodafone Group entities and promoters of the company...," VIL said in a BSE filing.

The relevant date for determining the floor price of the preferential issue is December 6, 2024, the company said.

An extraordinary general meeting of the company would be held on January 7 next year to approve the matter.

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