The shareholders of Vodafone Idea Limited (Vi) have approved a proposal to raise Rs 145 billion. The decision was taken at the extraordinary general meeting. Currently, Aditya Birla Group own more than 27 per cent stake in Vi while Vodafone Plc holds over 44 per cent shareholding in Vi.

Vi had placed special resolution of issue of equity shares worth Rs 45 billion to the group firms of promoters Vodafone Group and Aditya Birla Group for transaction at the meeting.

As part of its fundraising, Vi had also sought shareholders’ approval to raise Rs 100 billion through sale of equity or through a mix of American Depository Receipt (ADR), Global Depository Receipt (GDR) and foreign currency convertible bonds (FCCBs).

Meanwhile, promoter firm Vodafone plans to infuse up to Rs 33.75 billion into Vi. Besides, Aditya Birla Group plans to pump in up to Rs 11.25 billion. Vodafone’s group firm Euro Pacific Securities and Prime Metals will subscribe to 2.54 billion equity shares. This will be 75 per cent of the total equity shares to be issued by the company on preferential basis, indicating a contribution of around Rs 33.75 billion from the British telecom major.

Also, Aditya Birla Group firm Oriana Investments Pte will subscribe to 845.8 million equity shares (about 25 per cent of the preferential shares) of Vi as part of the fund raise, implying a contribution of Rs 11.25 billion. Additionally, Vi sought shareholders’ approval to increase the authorised share capital to Rs 750 billion, divided into 70 billion equity shares of Rs 10 each and 5 billion preference share of Rs 10 each.