Vodafone Idea to issue preferential issue of shares to Aditya Birla Group unit for Rs 2,075 crore
New Delhi: Vodafone Idea’s board of directors on Saturday approved a preferential issue of shares worth Rs 2,075 crore to the Aditya Birla Group unit. The board approved the issue of 1,395,427,034 equity shares of face value Rs 10 each at an issue price of Rs 14.87 per equity share (including premium of Rs 4.87 per equity share) to Oriana Investments Pte, aggregating to Rs 2,075 crore. Ltd. (Aditya Birla Group entity which is part of the Promoter Group), on preferential basis
The Tourism Finance Corporation is going through a major leadership change in India. The relevant date in terms of the provision of ICDR Regulations for determining the floor price of a preferential issue is April 8. The Board has also approved the increase in the authorized share capital. The company has been expanded to Rs 1,00,000 crore (divided into Rs 95,000 crore equity share capital and Rs 5,000 crore preference share capital) from the existing Rs 75,000 crore (divided into Rs 70,000 crore equity share capital and Rs 5,000 crore preference share capital)
Also Read – Tourism Finance Corporation India going through major leadership change
Prices of vegetables, especially potatoes and onions, pose a threat to food inflation. The board also approved convening an extraordinary general meeting of the company on Wednesday, May 8, 2024, to approve the above matters. Earlier in February, Vodafone Idea’s board of directors had approved raising funds of up to Rs 20,000 crore through a combination of equity and equity-linked instruments. The company had said that promoters will also participate in the proposed equity raise, as promised earlier.
Vodafone Idea raises $1 billion in equity Additionally, the company is actively engaged with its lenders for debt funding, which will be followed by the equity fundraise. Through a combination of equity and debt, the company plans to raise around Rs 45,000 crore. The company’s bank debt is currently less than Rs 4,500 crore. The equity and debt fundraising will enable the company to invest towards significant expansion of 4G coverage, 5G network rollout and capacity expansion
