Shareholders of telecom company Vodafone Idea (Vi) have voted in favour of its proposal to raise Rs 20,000 crore through equity and equity-linked instruments. The results of the extraordinary general meeting (EGM) were announced on Wednesday.
Vodafone Idea: With shareholders’ approval in place, the company expects to complete the equity fund raise in the coming quarter. Promoters of the company will also participate in this round, as previously announced.
The companys board on Tuesday approved equity fund raise of upto Rs 20,000 crore by way of equity-linked instruments which could be convertible debentures, warrants, or other securities convertible into Equity Shares, Global Depository Receipts, American Depository Receipts or Foreign Currency Convertible Bonds.
Vodafone Idea: “In addition, the company remains actively engaged with its lenders for tying-up the debt funding, which will follow the equity fund raise. Through a combination of equity and debt, the Company plans to raise around Rs. 45,000 Crores. The Company’s bank debt currently stands at less than Rs. 4,500 Crores,” it said.