Vodafone Idea News: Complete Details: Vi to Issue Shares to Raise Rs 2,075 Cr from Aditya Birla Group

Vodafone Idea News: Complete Details: Vil to Issue Shares to Raise Rs 2,075 Cr from Aditya Birla Group

08 April 2024 – On Saturday, the board of directors of the indebted Vodafone Idea approved the preferential issuance of shares worth Rs 2,075 Crore to Oriana Investments Pte. Ltd, a company under the Aditya Birla Group.

After the Vodafone Idea board’s consent, Oriana Investment Pte Ltd would purchase up to 1,395,427,034 equity shares at a value of Rs 10 apiece, at an issue price of Rs 14.87 per equity share (plus a premium of Rs 4.87 per equity share), for a total of Rs 2,075 crore. A member of the promoter group, Oriana Investment Pte. Ltd. is an Aditya Birla Group company.

Additionally, the board has authorised an increase in Vodafone Idea’s permitted share capital from the current Rs 75,000 crore to Rs 1 lakh crore (which is split between Rs 5,000 crore in preference shares and Rs 70,000 crore in equity shares). Vodafone Idea’s preference share capital stays at Rs 5,000 crore, while its equity share capital has grown to Rs 95,000 crore with the permission.


Conclusion

Vodafone Idea said in a regulatory filing on Saturday that it would present the recommendations to shareholders for approval at an extraordinary general meeting on May 8.