Vodafone Idea‘s Board has approved raising Rs 2,075 crore from promoter Aditya Birla Group.
- Fundraising Approval: The company received shareholders’ nod for raising up to Rs 20,000 crore by issuance of securities in an extraordinary general meeting (EGM) held on April 2.
- Shareholders’ Meeting: Shareholders’ approval will be sought at an extraordinary general meeting on May 8.
- Share Capital Increase: The company will increase its authorised share capital to Rs 1 lakh crore. An increase in the authorised share capital of the company from existing Rs 75,000 crore to Rs 1 lakh crore was also approved.
- Financial Strategy: The company plans to raise Rs 45,000 crore through a mix of equity and debt to match services offered by rivals and arrest subscriber churn.
The fundraising aims to improve Vodafone Idea’s competitive positioning in the Indian telecom market.
