CORPORATE
Vodafone Idea gives nod to mop up Rs 1,909.95 crore from promoters
- IBJ Bureau
- Jan 10, 2025
Vodafone Idea has approved raising Rs 1,909.95 crore from promoters Omega Telecom Holdings and Usha Martin Telematics via preferential allotment.
The company has allotted 100.70 crore equity shares of face value of Rs 10 each at an issue price of Rs 11.28 per equity share (including a premium of Rs 1.28 per equity share) to the promoters.
“We wish to inform you that pursuant to the approval accorded by the board of directors of the company, at its meeting held on December 9, 2024, and the special resolution passed by the members of the company on January 7, 2025, the capital-raising committee of the board has, at its meeting held today, that is January 9, 2025, allotted 1.69 billion equity shares of face value of Rs 10 each,” the company has said in an exchange filing.
Omega Telecom Holdings has been allotted over 100 crore shares, and Usha Martin Telematics has been allotted 60.86 crore equity shares.
Currently, Omega Telecom holds 0.4 per cent in Vodafone Idea, whereas Usha Martin owns 0.13 per cent.
Analysts have said that the fund-raising will likely help the company pay some of its dues to network infrastructure provider Indus Towers, to which it owes about Rs 6,000 crore.
Vodafone Idea is also in talks with banks to raise Rs 25,000 crore via bank debts but has not been able to close the deal.
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