Vodafone Idea’s board has approved raising up to Rs 1,980 crore through the issuance of 176 crore shares on a preferential basis. The shares will be issued at Rs 11.28 each, representing a 40% premium over the stock’s closing price of Rs 8.11 on December 9.
Key Highlights:
- Aggregate Issue: 1,755,319,148 equity shares at Rs 11.28 per share, including a premium of Rs 1.28.
- Breakup of Issuance:
- Rs 1,280 crore to Omega Telecom, a Vodafone Group entity.
- Rs 700 crore to Usha Martin Telematics, another Vodafone Group entity.
- Vodafone Group Holding: Currently owns a 22.56% stake in Vodafone Idea.
- Government Stake: 23.15%, with Aditya Birla Group holding 14.76%.
The telecom firm aims to use the proceeds to settle debt and consider a further equity raise. This decision aligns with the company’s strategy to bolster its financial position and evaluate future growth opportunities.
