Markets

Vodafone group to infuse Rs 436 crore in Vi ahead of India 5G auction

Vodafone Group Plc will infuse an additional Rs 436 crore into Vodafone Idea, its Indian unit, via equity shares or warrants.

This is the second capital raise by the Indian company in two months after Rs 4,500 crore infusion from it promoters. The latest capital raise comes ahead of the auction of airwaves.

The fund raise was approved in a board meeting on Wednesday. Vodafone Idea will issue 42.7 million shares or warrants to a promoter group entity at an issue price of Rs 10.20 aggregating Rs 436.21 crore, the company said in a notification.

In March, Vi approved Rs 4500 crore fund raise with two promoters pitching in with capital. While Vodafone group has invested around Rs 3375 crore, the Aditya Birla group put in Rs 1125 crore. However the company has so far been unable to raise funds from any external investor.

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