Vodafone Idea Limited (Vi) has scheduled an extraordinary general meeting (EGM) for June 27 to seek shareholder approval for a Rs 200 billion ($2.4 billion) fundraise and amendments to its Articles of Association (AoA) aimed at retaining promoter control.
Shareholders are expected to vote on two special resolutions. The first pertains to modifying the AoA in line with the revised shareholders’ agreement, which safeguards governance and management rights for the promoters, Aditya Birla Group and Vodafone Plc. The second resolution will seek approval for the proposed issuance of securities totalling up to Rs 200 billion.
This capital infusion forms part of Vi’s broader strategy to bolster its balance sheet and finance investments in network expansion and 5G rollout, amid mounting competitive pressures and legacy liabilities.
