Vi board meet on Dec 9 to consider upto Rs 2000 cr capital raise by share issue to co-promoter Vodafone
Vodafone Idea (Vi) has scheduled a board meeting on December 9 to consider upto a Rs 2,000 crore fundraise via issuance of equity shares and or convertible securities on a preferential basis to co-promoter, Vodafone Group Plc.
The late night exchange filing came even as UK’s Vodafone announced plans earlier today to invest a portion of its residual 3% Indus Towers stake sale proceeds in Vodafone Idea (Vi) against fresh shares to help its Indian telecom joint venture with the Aditya Birla Group clear a portion of its old dues to Indus.
“…a meeting of the Board of Directors of the Company is scheduled on December 9, 2024, inter-alia, to consider a proposal for raising of funds not exceeding Rs 2,000 crore, by way of issuance of equity shares and / or convertible securities on a preferential basis to one or more entities belonging to Vodafone Group,” Vi said in a late evening exchange filing.
Vodafone Group firms Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Ltd are selling 79.2 million shares, representing 3% of Indus' stake, through an accelerated book-build offering, the British telco said in a statement Wednesday. Last month, Vodafone classified its 3% stake in Indus as an “other investment”.
Vodafone Group is selling its remaining 3% stake in Indus Towers in a more than $300 million (Rs 2,540 crore) block deal, fully exiting the Indian tower company that now is a Bharti Airtel subsidiary.
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