Vi to consider raising capital upto Rs 20 billion by issuing shares to Vodafone on preferential basis at upcoming board meeting

Vodafone Idea Limited (Vi) has scheduled a board meeting for December 9, 2024, to discuss a potential fundraising of up to Rs 20 billion through the issuance of equity shares or convertible securities on a preferential basis to its co-promoter, Vodafone Group Plc.

This announcement follows Vodafone’s plan to invest part of the proceeds from its remaining 3 per cent stake sale in Indus Towers back into Vi, aimed at helping the telecom joint venture with the Aditya Birla Group settle some of its outstanding dues to Indus Towers.

Currently, Vodafone Group holds a 22.56 per cent stake in Vi, while Aditya Birla Group owns 14.76 per cent. Vodafone Group’s firms, Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited, are selling 79.2 million shares which represents 3 per cent of Indus Towers in an accelerated book-build offering. This move is part of Vodafone’s strategy to fully exit Indus Towers.