New Delhi: Promoter Vodafone plans to invest Rs 3,375 crore in debt-ridden people Vodafone Idea Limited As part of the Rs 14,200 crore fund-raising proposed by the company.
Apart from Vodafone, Aditya Birla Group According to a regulatory filing on Friday, the plan is to pump in up to Rs 1,125 crore.
The telecom operator will seek shareholders’ approval to raise up to Rs 14,500 crore as well as increase its authorized share capital to Rs 75,000 crore at its extraordinary general meeting (EGM) to be held on March 26.
Board of Vodafone Idea Limited (Will) has already approved the fund raising plan, which includes Rs 4,500 crore to come from Aditya Birla Group and Vodafone, while the remaining Rs 10,000 crore will be raised through equity or debt instruments.
According to the EGM notice, the company will seek shareholders’ consent to offer, issue and allot 338.34 crore equity shares of face value of Rs 10 for cash at a price of Rs 13.30, aggregating to Rs 4,500 crore. to the promoters.
Vodafone’s group firms Euro Pacific Securities and Prime Metals will subscribe to 253.75 crore equity shares. This will be 75 per cent of the total equity shares to be issued on a preferential basis by the company, indicating a contribution of around Rs 3,374.9 crore from the British telecommunications major.
Aditya Birla Group firm Oriana Investments Pte will subscribe to 84.58 crore equity shares, which is about 25 per cent of VIL’s preference shares, as part of the fund-raising, contributing Rs 1,125 crore.
At present, Birla holds more than 27 per cent stake in VIL, while Vodafone Plc Holds over 44 per cent stake in VIL.
VIL will also seek shareholders’ approval to increase the authorized share capital to Rs 75,000 crore, divided into 7,000 crore equity shares of Rs 10 each and 500 crore preference shares of Rs 10 each.
Telecom service providers, in particular, VIL last year got a shot at approving a blockbuster relief package with the government, giving companies a four-year break from paying statutory dues, allowing rare airwave sharing and 100% Foreign investment was involved. automatic route.
The government had also given telecom companies an option to convert the interest amount related to the moratorium period into equity.
Subsequently, VIL opted to pay interest of about Rs 16,000 crore by way of preference shares and the move would result in the government holding 35.8 per cent stake in the company.
The government has not yet accepted this proposal.
VIL will also seek shareholders’ approval for the appointment of Krishna Kishore Maheshwari as a non-executive director of the company.
Apart from Vodafone, Aditya Birla Group According to a regulatory filing on Friday, the plan is to pump in up to Rs 1,125 crore.
The telecom operator will seek shareholders’ approval to raise up to Rs 14,500 crore as well as increase its authorized share capital to Rs 75,000 crore at its extraordinary general meeting (EGM) to be held on March 26.
Board of Vodafone Idea Limited (Will) has already approved the fund raising plan, which includes Rs 4,500 crore to come from Aditya Birla Group and Vodafone, while the remaining Rs 10,000 crore will be raised through equity or debt instruments.
According to the EGM notice, the company will seek shareholders’ consent to offer, issue and allot 338.34 crore equity shares of face value of Rs 10 for cash at a price of Rs 13.30, aggregating to Rs 4,500 crore. to the promoters.
Vodafone’s group firms Euro Pacific Securities and Prime Metals will subscribe to 253.75 crore equity shares. This will be 75 per cent of the total equity shares to be issued on a preferential basis by the company, indicating a contribution of around Rs 3,374.9 crore from the British telecommunications major.
Aditya Birla Group firm Oriana Investments Pte will subscribe to 84.58 crore equity shares, which is about 25 per cent of VIL’s preference shares, as part of the fund-raising, contributing Rs 1,125 crore.
At present, Birla holds more than 27 per cent stake in VIL, while Vodafone Plc Holds over 44 per cent stake in VIL.
VIL will also seek shareholders’ approval to increase the authorized share capital to Rs 75,000 crore, divided into 7,000 crore equity shares of Rs 10 each and 500 crore preference shares of Rs 10 each.
Telecom service providers, in particular, VIL last year got a shot at approving a blockbuster relief package with the government, giving companies a four-year break from paying statutory dues, allowing rare airwave sharing and 100% Foreign investment was involved. automatic route.
The government had also given telecom companies an option to convert the interest amount related to the moratorium period into equity.
Subsequently, VIL opted to pay interest of about Rs 16,000 crore by way of preference shares and the move would result in the government holding 35.8 per cent stake in the company.
The government has not yet accepted this proposal.
VIL will also seek shareholders’ approval for the appointment of Krishna Kishore Maheshwari as a non-executive director of the company.