According to a stock exchange filing, Vodafone Idea Limited (Vi) will raise Rs 4.36 billion from Vodafone Group Plc (parent company) through a preferential issue of convertible warrants.The move aligns with Vi’sefforts to build a large fund corpus ahead of the 5G spectrum sale.
To this end, the board of Vi has approved issuance of 42,76,56,421 warrants (each convertible into one equity share) to Euro Pacific Securities, a Vodafone Group entity and promoter of the company, at an issue price of Rs 10.20 per warrant, aggregating Rs 4.36 billion on a preferential basis.
Providing further details the operator noted that 100 per cent of the issue price would be paid upfront at the time of subscription of warrants. Meanwhile, each warrant would be convertible into 1 equity share and the rights attached to warrants can be exercised at any time, within a period of 18 months from the date of allotment.
