Vodafone Idea Shareholders Approve Raising Rs 2,458 Crore Via Preferential Issue
Vodafone Idea Ltd.'s shareholders approved raising Rs 2,458 crore through the issue of shares on a preferential basis on Thursday. The company will use the funds to clear part of its outstanding debt, expand its 4G coverage and launch 5G services, as per an exchange filing.
The board had cleared the plan on June 14 and sought shareholders' nod on raising funds.
The company will issue 166 crore shares with a face value of Rs 10 each in the preferential issue, the filing said. The issue price has been set at Rs 14.8 per share, including a premium of Rs 4.80 per share. The issue price is 35% higher than the FPO price and has a lock-in period of six months.
The telecom major will issue 102.7 crore shares at an issue price of Rs 14.80 per share, totaling Rs 1,520 crore, to Nokia Solutions and Networks India Pvt. In addition, it will issue 63.4 crore shares at the same issue price to Ericsson India Pvt., aggregating Rs 938 crore. Post this preferential issuance, the shareholding of Nokia and Ericsson in the company will be 1.5% and 0.9%, respectively.
Vodafone Idea Ltd acquired 50 MHz of spectrum worth Rs 3,510 crore in India's second 5G spectrum auction on June 27, according to a Ministry of Communication press release. Following suit with Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd., the telecom giant implemented a 10-21% rate hike for both prepaid and postpaid customers, effective from July 4.
Shares of Vodafone Idea closed 0.12% lower at Rs 16.62 per share, as compared with a 0.03% decline in the NSE Nifty 50.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
