New Delhi: Telecom operator Vodafone Idea (VIL) on Thursday said its board has approved raising up to Rs 14,500 crore, including Rs 4,500 crore from promoter entities — Vodafone and Aditya Birla Group. An amount of Rs 10,000 crore would be raised by way of equity or debt instruments.
In a regulatory filing, the company said the board has cleared issuance of up to 338.3 crore equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share for an aggregate consideration of up to Rs 4,500 crore.
These shares will be issued to Euro Pacific Securities Ltd and Prime Metals Ltd (Vodafone Group entities and promoters of the company), and Oriana Investments Pte Ltd (an Aditya Birla Group entity) on a preferential basis, the BSE filing said.
In a separate filing overseas, British telecom giant Vodafone Group said it intends to contribute up to Rs 3,375 crore ($450 million) in VIL's capital raise from net proceeds realised through the sale of the primary shares in Indus Towers.