Vodafone Idea board approves issuance of preferential shares to raise Rs 1 980 cr

New Delhi, Dec 9 (PTI) Telecom operator Vodafone Idea on Monday said its board has approved issuance of up to 175.53 crore shares on a preferential basis to Vodafone Group entities to raise up to Rs 1,980 crore.
     The debt-ridden telco pegged the issue price at Rs 11.28 per equity share.
     "...Board of...Vodafone Idea Limited at its meeting held today 9 December 2024, has approved.... issuance of upto 1,755,319,148 equity shares of face value of Rs 10 each at an issue price of Rs 11.28 per equity share (including a premium of Rs 1.28 per equity share) for an aggregate consideration of upto Rs 1,980 crore on a preferential basis to Omega Telecom Holdings Private Limited (upto Rs 1,280 crore) and Usha Martin Telematics Limited (upto Rs 700 crore), Vodafone Group entities and promoters of the company...," VIL said in a BSE filing.
     The relevant date for determining the floor price of the preferential issue is December 6, 2024, the company informed.
     An extraordinary general meeting of the company would be held on January 7, 2025, to approve the matter, it added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)