Medilytix Bureau:
Promoter Vodafone plans to infuse up to Rs 3,375 crore into debt-ridden Vodafone Idea Ltd as part of the company’s proposed raising of funds worth Rs 14,200 crore.
Besides Vodafone, Aditya Birla Group plans to pump in up to Rs 1,125 crore, according to a regulatory filing on Friday.
The telecom operator will seek shareholders’ approval for raising up to Rs 14,500 crore as well as increase its authorised share capital to Rs 75,000 crore at its the Extraordinary General Meeting (EGM) to be held on March 26.
The board of Vodafone Idea Ltd (VIL) has already approved the fund raising plan, which includes Rs 4,500 crore coming in from Aditya Birla Group and Vodafone, while the remaining amount of Rs 10,000 crore would be mopped up by way of equity or debt instruments.
As per the EGM notice, the company will seek the consent of the shareholders to offer, issue and allot up to 338.34 crore equity shares of face value of Rs 10 each for cash at a price of Rs 13.30 apiece, aggregating up to Rs 4,500 crore to the promoters.