Vodafone Idea Approves Allotment Of More Than 40 Crore Equity Shares

The Capital Raising Committee of Vodafone Idea approved the allotment of more than 40 crore equity shares on Thursday at an issue price of Rs 14.80 per share, which includes a premium of Rs 4.80 per share.

This preferential allotment, which totals Rs 615 crore, is in accordance with SEBI’s regulations and represents a strategic move to enhance the company’s capital base.

The allotment breakdown includes around 25 crore equity shares to Nokia Solutions and Networks India Pvt. and over 15 crore equity shares to Ericsson India Pvt.

This transaction significantly increases Vodafone Idea’s paid-up equity share capital, which now stands at Rs 68,454 crore and comprises of 68,45,40,86,473 equity shares with a face value of Rs 10 each, according to the company’s exchange filing.

Vodafone Idea, a joint venture between the UK-based Vodafone Group and India’s Aditya Birla Group, continues to play a crucial role in providing telecom services to millions of customers nationwide.

Shares of Vodafone Idea closed 3.04% lower at Rs 16.28 apiece on the BSE, compared to a 0.78% advance in the benchmark Sensex.