The UK-based Vodafone Group has raised its stake in Vodafone Idea Limited (Vi) to 47.61 per cent through its subsidiary, Prime Metals.
Earlier, the company held 44.39 per cent stake in Vi. As per a regulatory filing, Prime Metals held 2,185,526,081 equity shares, representing 7.61 per cent of the equity share capital of Vi. However, with the execution of the aforesaid move, Prime Metals has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company.
Recently, Vi’s board had also approved the allotment of 3.38 billion equity shares at Rs 13.30 per scrip to three promoter group entities – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs 45 billion. This includes allotment of 1,966,635,338 equity shares to Euro Pacific Securities (promoter); 570,958,646 equity shares to Prime Metals (promoter); and 845,864,661 equity shares to Oriana Investments (promoter group). Earlier, in March 2022, Vi had also announced Rs 145 billion fundraising plan, where promoters would inject Rs 45 billion.
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