VIL to seek shareholders’ nod to raise Rs 436 crore from Vodafone on Jul 15

Debt-ridden telecom operator Vodafone Idea will seek shareholders’ nod to raise Rs 436 crore from its promoter group Vodafone in an extraordinary general meeting to be held on July 15, the company said in a regulatory filing. Vodafone Idea (VIL) promoters – Vodafone Group and Aditya Birla Group-jointly hold a 74.99 per cent stake in the company.

“…the consent of the members of the company be and is hereby accorded to offer, issue and allot from time to time in one or more tranches either up to 42,76,56,421 equity shares of the face value of Rs 10 each of the company for cash at a price of Rs 10.20 per equity share, aggregating up to Rs 436.21 crore,” VIL said in the EGM notice.

The company may opt for raising Rs 436.21 crore by issuing warrants at a unit price of Rs 10.2 apiece.

As of March 31, 2022, the total debt (including interest accrued but not due) of the group was Rs 1,97,878.2 crore.

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