Vodafone Idea approves allotment of shares to promoters to raise Rs 4,500 cr

Telecom operator Vodafone Idea Ltd on Thursday said that its Capital Raising Committee has approved allotment of over 338 crore shares to its promoters to raise Rs 4,500 crore.
 
Earlier this month, the debt-ridden company had said that promoter Vodafone planned to infuse up to Rs 3,375 crore as part of its proposed fund raising plans for Rs 14,200 crore. Besides, Aditya Birla Group also planned to pump in up to Rs 1,125 crore.
 
"...further to the meeting of the board of directors of the company held on March 3, 2022, approving the issue of equity shares on preferential basis, the Capital Raising Committee of the board of directors has, at its meeting held today, i.e., March 31, 2022, considered and approved the allotment of 3,38,34,58,645 equity shares..." Vodafone Idea said in an exchange filing.
 
The shares will be issued at a price of Rs 13.30 per equity share, including a premium of Rs 3.30 per equity share, aggregating to about Rs 4,500 crore.
 
The company said 196.66 crore shares would be issued to Euro Pacific Securities Ltd, 57.09 crore shares to Prime Metals Ltd and 84.59 crore shares to Oriana Investments Pte. Ltd.
 
The company's shareholders had approved the issuance of shares through a special resolution passed at the extra-ordinary general meeting held on March 26, 2022.
 
Shares of Vodafone Idea were trading 0.41 per cent lower at Rs 9.79 on the BSE in the afternoon trade on Thursday.

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