Vodafone Idea Limited has held an extraordinary general meeting (EGM) to seek shareholders’ approval to raise up to Rs 200 billion by issuing securities. In addition, in a statutory filing, Vi said that the results of the voting will be intimated, separately.
According to Bombay Stock Exchange (BSE) filing, the agenda listed in the EGM pertained to issuance of securities up to an aggregate amount of Rs 200 billion.
In February 2024, Vi’s board had approved raising up to Rs 200 billion in equity from promoters and other investors by June 2024, to shore up finances for 5G rollout and strengthening 4G services.
Furthermore, Vi also plans to raise Rs 450 billion through a mix of equity and debt. The fundraising will also arm Vi with firepower to improve competitive positioning in the Indian telecom market, where it trails Reliance Jio and Bharti Airtel, by a wide margin.
