Vodafone Idea Board approves Rs 431 cr fund raise

Board of Vodafone Idea Limited on Wednesday approved raising of funds aggregating upto Rs 436.21, the company said in its filing to the exchanges. The fund raising will be either via issuance up to 42,76,56,421 equity shares or by issuance of up to 42,76,56,421 Warrants convertible into equity shares, the release further said.

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"We wish to inform you that the Board of Directors of Vodafone Idea Limited (‘the Company’) at its meeting held today i.e. 22nd June 2022, has, inter-alia, approved raising of funds aggregating upto Rs. 436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) upto 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific
Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (‘ICDR Regulations’). The relevant date, in terms of provision of ICDR Regulations for determining the floor price of the Preferential Issue, in either case, is June 15, 2022," the release said.

"The Board also approved convening of an Extraordinary General Meeting of the Company on Friday, 15th July 2022, to seek approval of shareholders for the aforesaid Preferential Issue," the release further said.

The meeting of the Board of Directors of the Company commenced at 4:30 pm and concluded at 6 pm.

Vodafone Idea shares ende at Rs 8.50 on the NSE, up 0.6 per cent from the Tuesday closing price.