Vodafone Idea’s board has approved raising up to Rs 2,075 crore through a preferential share issue to Oriana Investments, an entity of the promoter Aditya Birla Group.
According to a regulatory filing, Vodafone Idea has announced the allotment of 139.54 crore equity shares to Oriana Investments Pte Limited. The equity shares, with a face value of Rs 10, will be issued at a price of Rs 14.87 per share, including a premium of Rs 4.87 per share.
The preferential allotment, amounting to Rs 2,075 crore, will result in an increase in Vodafone Idea’s paid-up equity share capital, rising from Rs 66,483.45 crore to Rs 67,878.88 crore.
The telecom operator has been grappling with mounting debts and intense competition from rivals, making this capital infusion from the Aditya Birla Group a crucial lifeline for its future growth and sustainability.