Vodafone Idea stock gains 1% on plan to raise Rs25,000cr via rights issue

The promoter shareholders -- Vodafone Group and Aditya Birla Group -- have reiterated to the board that they intend to contribute up to Rs11,000cr and up to Rs7,250cr, respectively as part of the rights issue, the company said.

Jan 24, 2019 04:01 IST India Infoline News Service

Telecom
Vodafone Idea on Wednesday approved a Rs25,000cr fundraising plan by way of a rights issue to existing eligible equity shareholders, the company said in a BSE filing.

The promoter shareholders -- Vodafone Group and Aditya Birla Group -- have reiterated to the board that they intend to contribute up to Rs11,000cr and up to Rs7,250cr, respectively, as part of such rights issue, the company said.

According to the company’s filing with stock exchanges, the funds will be raised through a rights issue and the infusion is expected to happen by March.

“The company’s board has authorised the capital raising committee to decide the terms and conditions of the rights issue, including the instrument, issue price, rights entitlement ratio, record date, timing of the rights issue and other related matters,” the company said in its filing.

The board has authorized the Capital Raising Committee to decide the nuances of the Rights Issue, including the instrument, issue price, rights entitlement ratio, record date, timing of the rights issue, and other matters.

Vodafone Idea Ltd is currently trading at Rs33.85 up by Rs0.1 or 0.3% from its previous closing of Rs33.75 on the BSE.

The scrip opened at Rs34.25 and has touched a high and low of Rs35.10 and Rs33.65 respectively.

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