Vodafone Idea Board allots warrants worth Rs436.21 crore on preferential basis; Stock rises

25 Jul 2022 , 01:42 PM

Vodafone Idea stocks in focus today as the company announced the allotment of Warrants on preferential basis to Promoter.

As per regulatory filing, further to the meeting of the Board of Directors of the Company held on June 22, 2022 and July 22, 2022, approving issuance of securities on Preferential Basis, the Capital Raising Committee of the Board of Directors has at its meeting held today, i.e., July 25, 2022, considered and approved the allotment of 42,76,56,421 Warrants to Euro Pacific Securities Ltd (a Vodafone Group entity and promoter of the Company) for cash at an issue price of Rs10.20 per Warrant, against receipt of 100% of the issue price received upfront, aggregating to ~ Rs436.21 crore, with a right to the Warrant Holder to apply for and be allotted 1 Equity Share of face value of Rs10/- each of the Company at a premium of Re. 0.20 (i.e. twenty paise) within a period of 18 months from the date of allotment.

The Shareholders of the Company had approved the said issuance vide special resolution passed at the Extra-ordinary General Meeting held on July 15, 2022.

At around 1:44 PM, Vodafone Idea was trading at Rs8.97 per share higher by 0.45% as against previous closing of Rs8.93 per share on the BSE.