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Vodafone Group: Vodafone Idea raises Rs 436cr from Vodafone Group

Vodafone Idea, jointly promoted by Vodafone Group and the Aditya Birla Group Wednesday said it will raise Rs 436.21 crore via equity from its UK parent.

In a filing to the Bombay Stock Exchange, the cash strapped telco said that the board had approved the fund-raising “by way of issuance of either: (a) up to 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) up to 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis”.

In case the funds are raised through allotment of equity shares, the issue price will be Rs. 10.20 per equity share (including premium of Re. 0.20 per equity share).

In case of warrants, the issue price will be Rs 10.20, and 100% of the issue price will be paid upfront at the time of subscription of warrants. Each warrant would be convertible into 1 equity share and the rights attached to warrants can be exercised at any time, within a period of 18 months from the date of allotment.

The board also approved convening of an extraordinary general meeting on Friday, 15th July 2022, to seek approval of shareholders for the aforesaid preferential Issue.

Earlier this week, the telco had announced that it intends to raise up to Rs 500 crore from its UK promoter.

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