The board of Vodafone Idea Limited (Vi) has approved proposal to raise funds up to Rs 145 billion through various means, including Rs 45 billion from promoter entities.
The board approved issuance of up to 3.38 billion equity shares at issue price of Rs 13.30 per share, which sums up to Rs 45 billion, to Euro Pacific Securities Limited and Prime Metals Limited (Vodafone Group entities and promoters of the company), and Oriana Investments Pte. Limited (Aditya Birla Group entity forming part of the promoter group).
In addition, the board also approved issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants of up to Rs 100 billion in one or more tranches. Besides, the board has also approved convening of an extraordinary general meeting of the company.
Meanwhile, Bharti Airtel has recently decided to acquire an additional 4.7 per cent stake in Indus Towers from Vodafone Group. The two companies signed an agreement on the condition that Vodafone will use the proceeds to invest in Vi and the latter will clear its pending dues with Indus Towers.
