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The board approved issuing upto 3,38,34,58,645 equity shares at an issue price of Rs 13.30 per equity share, for an aggregate consideration of upto Rs 4,500 crore to Euro Pacific Securities and Prime Metals (Vodafone Group entities and promoters of the company) and Oriana Investments (Aditya Birla Group entity forming part of the promoter group) on a preferential basis. The relevant date for determining the floor price of the preferential issue is 24 February 2022.
Further, an amount of Rs 10,000 crore would be raised by way of equity or debt instruments, in one or more tranches.
The telco will issue "…equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants, composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares or a combination thereof up to an aggregate amount of Rs. 10,000 crore by way of a private placement, qualified institutions placement or through any other permissible mode in one or more tranches," Vodafone Idea said in the statement.
The company will hold an extraordinary general meeting on 26 March 2022, to approve the above matters.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service provider. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms.
On a consolidated basis, Vodafone Idea reported a net loss of Rs 7230.90 crore in Q3 December 2021 as against net loss of Rs 4532.10 crore in Q3 December 2020. Net sales declined 10.80% to Rs 9715.50 crore in Q3 December 2021 over Q3 December 2020.
Shares of Vodafone Idea were down 2.35% at Rs 10.82 on the BSE.
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