Vodafone Idea to raise ₹436 crore from promoter Vodafone Group

CUE API | Updated on: Jun 23, 2022
Facade of Vodafone Idea Limited Corporate office

Facade of Vodafone Idea Limited Corporate office | Photo Credit: Mrinal Pal

Vodafone Idea to issue equity shares and warrants convertible into equity shares, to Euro Pacific Securities, a Vodafone Group entity.

Mumbai, , June 22 : Telecom operator Vodafone Idea said on Wednesday it will raise ₹436.21 crore equity investment from its UK-based promoter firm Vodafone Group.

"We wish to inform you that the Board of Directors of Vodafone Idea Ltd at its meeting held today i June 22, 2022, has, inter-alia, approved raising of funds aggregating upto ₹436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of ₹10/- each; or (b) upto 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis," Vodafone Idea said in a regulatory filing to the stock exchanges.

Vodafone Idea said it will issue the equity stake to the Vodafone Group entity in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ('ICDR Regulations').The relevant date, in terms of provision of ICDR Regulations for determining the floor price of the Preferential Issue, in either case, is June 15, 2022, the company said.

Vodafone Idea is jointly promoted by UK-based Vodafone Group and India's Aditya Birla Group.The Board of Directors of Vodafone Idea in the meeting held on Wednesday also approved convening of an Extraordinary General Meeting of the company on July 15, 2022, to seek approval of shareholders for the aforesaid Preferential Issue. Share price of Vodafone Idea rose 0.71 per cent to close at ₹8.62 on the BSE today. The company's share closed in the positive despite selloffs in the market.

Published on June 23, 2022
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