11 Jun 2024 , 04:35 PM
Vodafone Idea Ltd., the telecom service provider, announced on Monday that its board will meet on Thursday, June 13, to review and evaluate proposals to issue equity shares or convertible instruments to suppliers on a preferential basis.
Any possible issuance of shares to vendors may require permission from the company’s shareholders.
In February 2023, Vodafone Idea issued ₹1,600 Crore of Optionally Convertible Debentures (OCDs) to ATC Telecom Infrastructure Pvt. Ltd.
Optionally Convertible Debentures are instruments that can be converted into equity shares at a later date.
In March, ATC Telecom requested that the corporation convert OCDs worth ₹1,440 Crore into equity shares. On April 26, ATC sold 144 Crore shares, or 2.87% of Vodafone Idea’s total shareholding, for ₹1,840 Crore. Shares were sold for ₹12.78 each.
Vodafone Idea completed India’s largest Follow-on Public Offer (FPO), raising ₹18,000 Crore. The company raised ₹2,075 Crore from its promoters by issuing preferential shares. The company successfully raised ₹20,000 Crore in equity funds.
“Our equity fund raise of around ₹215 Billion (₹21,500 Crore) would allow us to initiate the investment cycle to expand our 4G coverage and introduce 5G services in order to successfully engage in the industry’s growth possibilities.
At around 12.33 PM, Vodafone Idea was trading 0.57% lower at ₹15.72, against the previous closing price of ₹15.81 on NSE. The counter touched an intraday high and low of ₹16.03, and ₹15.61, respectively.
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