Vodafone Idea Board approves fund raising of upto Rs 25,000 cr


Vodafone Idea Board approves fund raising of upto Rs 25,000 cr

The shares of Vodafone Idea touched a 52-week high at Rs 13.45 a piece in intraday trade, before paring gains to close at Rs 12.01, down 4.4% on the BSE. The Board's decision came after market hours. However, the total raising of funds under (a) and (b) above shall not exceed Rs. 25,000 crore," it added.


In a regulatory filing, Vodafone Idea said, We wish to inform you that the Board of Directors of the Company... approved the raising of funds though: (a) issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts, foreign currency convertible bonds, convertible debentures, warrants, composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares or a combination thereof up to an aggregate amount of Rs. 15,000 crore by way a public issue, preferential allotment, private placement, qualified institutions placement or through any other permissible mode in one or more tranches; and (b) issuance of unsecured and / or secured, non-convertible debentures up to an aggregate amount of Rs. 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches.


However, the total fund raise shall not exceed Rs 25,000 crore, the filing said. Vodafone Idea’s fundraising comes when the billionaire Kumar Mangalam Birla and Vodafone Group Plc.-owned carrier received some legal relief from the Supreme Court in a near two-decade battle with the government over calculation of adjusted gross revenue.

Vodafone Idea suffered a net loss of Rs 25,460 crore in the quarter ended June. Its revenue fell 9.3% sequentially to Rs 10,660 crore. Its operating profit declined 6% quarter-on-quarter to Rs 4,100 crore. The total promoter shareholding stood at 72.05% as of June 2020. While Indian promoters hold 18.48%, foreign promoters hold 53.57%. Financial institutions hold a 10.8% stake, with foreign investors and mutual funds owning 7.19% and 2.75%, respectively.


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