Vodafone Idea Limited’s (Vi) board has cleared the allotment of equity shares to an Aditya Birla Group (ABG) entity that infused Rs 20.75 billion of fresh capital into the telco via a preferential issue.
According to the filing, the board has approved issuance of up to 1,395,427,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 20.75 billion to Oriana Investments Pte. Limited, on a preferential basis.
As per the filing, Vi’s paid-up equity share capital stands increased from Rs 664.83 billion to Rs 678.78 billion.
Further, the allotment of shares to the ABG entity concludes Vi’s over the Rs 200 billion fundraise via the equity route and sets the stage for the telco to borrow another Rs 250 billion from banks and line up additional non-fund-based facilities of as much as Rs 100 billion.
