Vodafone Idea Limited (Vi) has received approval from its shareholders to raise Rs 200 billion through equity and equity-linked instruments. The results of the extraordinary general meeting (EGM) were announced on April 3, 2024.
With shareholders’ approval in place, the company expects to complete the equity fund raise in the coming quarter. In addition, promoters of the company will also participate in this round. The EGM was conducted on April 2, 2024 to approve the same through audio-visual medium where shareholders participated.
On February 27, 2024, Vi had announced that the company’s Board of directors has approved the equity financing plan. These could be through convertible debentures, warrants, or other securities convertible into equity shares, global depository receipts, American depository receipts or foreign currency convertible bonds.
Besides, Vi is also looking to engage with its lenders for tying-up the debt funding, which will follow the equity fund raise. Through a combination of equity and debt, Vi plans to raise around Rs 450 billion.
