Vodafone Idea shareholders approve Rs 2,458 crore preferential issue to vendors Nokia and Ericsson

The latest measure by Vodafone Idea highlights the efforts to pare down dues to vendors, and ramp up 5G services as well as its 4G network.

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Shareholders of Vodafone Idea have approved a preferential issue to vendors Nokia and Ericsson at the Extra-ordinary General Meeting (EGM), the company informed investors through a stock exchange filing on July 11.

The shareholder voting had been conducted in response to an intimation dated June 10 proposing a special resolution to issue equity shares on preferential basis to vendors Nokia and Ericsson.

Vodafone Idea's board had last month approved the issuance of preferential shares worth Rs 1,520 crore to Nokia Solutions and Rs 938 crore to Ericsson India, totalling Rs 2,458 crore at an issue price of Rs 14.8 per equity share. This resolution effectively means Nokia and Ericsson now have a 1.5 percent and 0.9 percent stake in the company, respectively.

The latest measure by Vodafone Idea highlights the efforts to pare down dues to vendors, and ramp up 5G services as well as its 4G network.

VIL has reported a widening of losses to Rs 7,675 crore in the March quarter amid rise in interest and financing cost.