India s telecommunications industry is primarily dominated by Bharti Airtel and Reliance Jio, with Vodafone Idea (Vi) striving to catch up. Vi has initiated a fund infusion plan, starting with a preferential share issue to raise Rs 2,075 crore from an Aditya Birla Group entity, essential for its financial revitalization. Vi aims to raise a total of Rs 45,000 crore through a combination of equity and debt, offering a glimmer of hope for the struggling telco
India s telecommunications industry is primarily dominated by Bharti Airtel and Reliance Jio, with Vodafone Idea (Vi) striving to catch up. Vi has initiated a fund infusion plan, starting with a preferential share issue to raise Rs 2,075 crore from an Aditya Birla Group entity, essential for its financial revitalization. Vi aims to raise a total of Rs 45,000 crore through a combination of equity and debt, offering a glimmer of hope for the struggling telco
On Saturday, Vodafone Idea s board approved raising Rs 2,075 crore from an Aditya Birla Group entity through a preferential share issue, crucial for the financially strained telecom company s revival. The board also sanctioned an increase in authorized share capital.
"Issuance of upto 1,395,427,034 Equity Shares of face value of Rs. 10/- each at an issue price of Rs. 14.87 per equity share (including a premium of Rs. 4.87 per equity share), aggregating to Rs. 2,075 crores to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis.," Vodafone Idea said in a notice to the stock exchanges on Saturday.