Vodafone Idea Limited (Vi) is raising Rs 19.8 billion through a preferential issue of equity shares to its promoter, Vodafone Group Plc. This decision comes after Vodafone Group sold its remaining 3 per cent stake in Indus Towers for Rs 28. 02 billion, with part of the proceeds being used to address its own debt obligations.
Vi’s board approved the issuance of up to 1.76 billion equity shares at a price of Rs 11.28 each. The funds will be allocated primarily to settle a portion of Vi’s outstanding dues to Indus Towers. The shares will be distributed between two Vodafone Group entities where Omega Telecom Holdings will receive Rs 12.8 billion, while Usha Martin Telematics will get Rs 7 billion.
Following this transaction, Vodafone Group’s stake in Vi will increase by 2.45 percentage points, while the stakes of other shareholders, including the Aditya Birla Group and the government, will decrease proportionately. Currently, Vodafone Group holds a 22.56 per cent stake in Vi, Aditya Birla Group has 14.76 per cent, and the government is the largest shareholder with a 23.15 per cent stake.
