Vodafone Idea to raise Rs 2,075 cr from Aditya Birla.

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Vodafone Idea’s board has approved raising Rs 2,075 crore from Aditya Birla Group by selling shares to Oriana Investments Pte. Ltd. at a price of Rs 14.87 per share, aiming to increase its authorized share capital as well.

Summary

  1. Vodafone Idea’s board approved raising Rs 2,075 crore from Aditya Birla Group by selling up to 139.5 crore shares to Oriana Investments Pte. Ltd. at Rs 14.87 per share.
  2. This preferential issue, subject to shareholder approval, is intended to enhance the company’s financial position.
  3. The company plans to increase its authorized share capital from Rs 75,000 crore to Rs 1 lakh crore, with Rs 95,000 crore for equity share capital and Rs 5,000 crore for preference share capital.
  4. Shareholders’ approval for these proposals will be sought at an extraordinary general meeting scheduled for May 8.
  5. The relevant date for determining the floor price is April 8, 2024.
  6. The move signifies the company’s efforts to bolster its financial capabilities amidst market challenges.
  7. The approval indicates Aditya Birla Group’s commitment to supporting Vodafone Idea’s growth and stability in the telecom sector.
  8. This strategic decision is crucial for Vodafone Idea’s future operations and competitiveness in the telecommunications market.

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