Debt-ridden Vodafone Idea said that its Board of Directors has approved a debt and equity investment of up to Rs 14500 crore. The business claimed in a regulatory filing that it has received Board permission to raise Rs 4500 crore from its promoters. The business said that its Board of Directors has approved the issuing of 3,38,34,58,645 equity shares with a face value of Rs 10 each for an aggregate consideration of up to Rs 4,500 crore at an issue price of Rs 13.30 per equity share. These shares will be granted on a preferential basis to Euro Pacific Securities and Prime Metals (both Vodafone Group firms and promoters of the company), as well as Oriana Investments (an Aditya Birla Group entity that is part of the promoter group), according to the company.
In addition, the Board has approved a capital raise of up to Rs 10,000 crore using equity or debt securities such as Global Depository Receipts, American Depository Receipts, foreign currency convertible bonds, convertible debentures, and other similar products. The Board also approved the company’s call for an extraordinary general meeting on March 26, 2022.
