ANI
22 Jun 2022, 21:25 GMT+10
Mumbai (Maharashtra) [India], June 22 (ANI): Telecom operator Vodafone Idea said on Wednesday it will raise Rs 436.21 crore equity investment from its UK-based promoter firm Vodafone Group.
"We wish to inform you that the Board of Directors of Vodafone Idea Limited at its meeting held today i.e. 22nd June 2022, has, inter-alia, approved raising of funds aggregating upto Rs 436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) upto 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," Vodafone Idea said in a regulatory filing to the stock exchanges.
Vodafone Idea said it will issue the equity stake to the Vodafone Group entity in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ('ICDR Regulations').
The relevant date, in terms of provision of ICDR Regulations for determining the floor price of the Preferential Issue, in either case, is June 15, 2022, the company said.
Vodafone Idea is jointly promoted by UK-based Vodafone Group and India's Aditya Birla Group.
The Board of Directors of Vodafone Idea in the meeting held on Wednesday also approved convening of an Extraordinary General Meeting of the Company on 15th July 2022, to seek approval of shareholders for the aforesaid Preferential Issue.
Share price of Vodafone Idea rose 0.71 per cent to close at Rs 8.53 on the BSE.
The company's share closed in the positive despite selloffs in the market.
The 30 stock SP BSE Sensex slumped 709.54 points or 1.35 per cent to 51,822.53 per cent against its previous day's close at 52,532.07 points.
The Sensex has slumped after two consecutive days of gains. The Sensex had gained 934.23 points or 1.81 per cent on Tuesday.
The Sensex has closed in the red for the seventh time in the past nine trading sessions. There was heavy selling pressure in the market last week. The Sensex had lost 2,943.02 points or 5.41 per cent last week. (ANI)Get a daily dose of Belgium Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Belgium Sun.
More InformationDUBLIN, Ireland: The Irish Nurses and Midwives Organisation (INMO) has warned that there could be a serious trolley crisis this summer...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
DUBLIN, Ireland: The High Court has lifted an anonymity order, allowing Trinity College Dublin and the Pharmaceutical Society of Ireland...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
GENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...