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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard,

Digital Editor

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button