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Vodafone Idea board approves fund-raising up to Rs 25,000 cr through rights issue
TT Correspondent |  |  23 Jan 2019

Vodafone Idea board has approved fund-raising to the tune of Rs 25,000 crore through a rights issue, the telecom firm said on Wednesday.

Promoters of the company, including Vodafone Group and Aditya Birla Group, intended to contribute up to Rs 11,000 crore and Rs 7,250 crore, respectively, as part of such rights issue.

“Further, the promoter shareholders have indicated that in case the rights issue is undersubscribed, each of the promoter shareholders reserves the right to subscribe to part or whole amount of the unsubscribed portion, subject to applicable law,” the company said in a release.

For the purpose of giving effect to the rights issue, the board has authorised the Capital Raising Committee to decide the terms and conditions, including the instrument, issue price, rights entitlement ratio, record date, timing and other related matters.

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