Vodafone Idea board approves Rs 1,980-crore preferential issue

Vodafone Idea said on Monday that its board has given the nod to raising Rs 1,980 crore through preferential shares. The private sector telecom operator will issue preferential shares worth Rs 1,280 crore to Ometa Telecom and worth Rs 700 crore to Usha Martin Telematics, according to a regulatory filing.

Ometa Telecom and Usha Martin Telematics, both Vodafone group entities, are promoters of Vodafone Idea. 

As per the proposal, Vodafone Idea will be issuing up to 175.5 crore equity shares of the face value of Rs 10 each at Rs 11.28 apiece (including a premium of Rs 1.28 per equity share), according to the filing.

Earlier on Monday, Vodafone Idea shares ended 0.3 per cent lower at Rs  8.1 apiece on BSE. 

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