Telecom company Vodafone Idea announced on April 6 that its Board has approved plans to raise Rs 2,075 crore from its promoter Aditya Birla Group.
Vodafone Idea said its Board has approved the issuance of up to 139.5 crore equity shares to Oriana Investments Pte. Ltd., an Aditya Birla Group entity, at an issue price of Rs 14.87 per share, including a premium of Rs 4.87 per share. This preferential issue, subject to shareholder approval in a General Meeting, is valued at Rs 2,075 crore.
"The Vodafone Idea board has approved "issuance of up to 1,39.5 crore equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis," Vodafone Idea's filing said.
The relevant date for determining the floor price is April 8, 2024, the telecom company said.
The company also stated that its Board has approved an increase of the company's authorised share capital from the current Rs 75,000 crore, comprising Rs 70,000 crore of equity share capital and Rs 5,000 crore of preference share capital, to Rs 1 lakh crore.
Under the proposed change, the increased authorized share capital will be divided into Rs 95,000 crore of equity share capital and Rs 5,000 crore of preference share capital, the telecom company said.
In its regulatory filing, the company also stated that it will seek shareholders' approval at an extraordinary general meeting scheduled for May 8 regarding these proposals.
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