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.
“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 business also announced that the Board has approved an increase to Rs 1 lakh crore from the present Rs 75,000 crore authorized share capital, which is made up of Rs 5,000 crore in preference shares and Rs 70,000 crore in equity shares.
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.
