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Axiata Group renounces share entitlement in Vodafone Idea rights issue

April 15, 2019
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Malaysia-based Axiata Group has reportedly renounced its right to entitlement of Vodafone Idea shares under the operator’s ongoing rights issue worth Rs 250 billion.

Axiata Group was entitled to receive 87 equity shares for every 38 shares held by eligible shareholders of the company on the record date i.e. April 2, 2019. However, the group has renounced its shares entitlement in favour of global investors, a move which will bring down its stake in Vodafone Idea to 2.6 per cent from the current 8.1 per cent (valued at Rs 37.71 billion).

While the Malaysia-based group will stay invested in the telecom major, the renouncement of entitlement will expand the shareholder base of Vodafone Idea.

Vodafone Idea's rights issue opened on April 10, 2019 at a price of Rs 12.50 per equity share.

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