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Sunday, April 7, 2024

Vodafone Idea Board Approves Rs 2,075 cr Raise from Aditya Birla

Vodafone Idea Board Approves Rs 2,075 cr

Vodafone Idea Board Approves Rs 2,075 cr Raise from Aditya Birla

On April 6, the telecom operator Vodafone Idea declared that plans to raise Rs 2,075 crore from its promoter Aditya Birla Group had been authorized by the board.

At an issue price of Rs 14.87 per share, including a premium of Rs 4.87 per share, Vodafone Idea announced that its Board has approved the issuance of up to 1,39.5 crore equity shares to Oriana Investments Pte. Ltd., an Aditya Birla Group business.

The value of this preferential offer is Rs 2,075 crore, and it is contingent upon shareholder approval at a general meeting.

"Oriana Investments Pte. Ltd (an Aditya Birla Group entity that is a part of the promoter group) will receive 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 on a preferential basis," according to a filing from Vodafone Idea. The approval was granted by the board of directors.

The telecom operator stated that April 8, 2024, is the important date for figuring out the floor pricing.

The business further declared that the Board of the company has approved an increase in the authorized capital from the present Rs 75,000 crore, which is made up of Rs 70,000 crore for equity shares and Rs 5,000 crore for preference shares, to Rs 1 lakh crore.

The telecom company stated that under the proposed modification, the enlarged authorized share capital will be split into two categories: equity share capital of Rs 95,000 crore and preference share capital of Rs 5,000 crore.

The business also disclosed in its regulatory filing that it will present these suggestions to shareholders for approval at an extraordinary general meeting on May 8.

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