Kumar Mangalam Birla, chairman, Aditya Birla Group (ABG), has increased his personal stake in Vodafone Idea Limited (Vi) by purchasing 18.6 million shares.
Earlier, on September 6, Birla’s investment vehicle, Pilani Investment and Industries Corporation, acquired 3 million shares, raising its stake by 0.02 per cent.
Before these transactions, ABG held a 15 per cent stake in Vi, while the UK’s Vodafone Group PLC held 23.3 per cent.
Vi is seeking to raise Rs 250 billion in debt to support its recent equity fundraising of Rs 240 billion. The company has approached Power Finance Corp and REC Ltd, for loans to meet its medium-term funding needs and is in discussions with State Bank of India to potentially lead a consortium of lenders for the majority of this funding.
