Vodafone Idea’s board approves fundraise of Rs 2,458 crore via stock sale

Mumbai: Telecom service provider Vodafone Idea, on Thursday, said that its board has approved issuance of about 166.8 crore equity shares worth Rs 2,458 crore on a preferential basis.

In a stock regulatory filing, the company said that it will allot over 102.7 crore shares (1.48 per cent) aggregating to Rs 1,520 crore to Nokia Solutions and Networks India Private Limited.

The remaining over 63.7 crore shares (0.91 per cent) aggregating to Rs 938 crore will go to Ericsson India Private Limited, a non-promoter of the company.

The Board also approved convening of an extraordinary general meeting (EGM) on July 10.

Last month, the telecom operator announced to raise up to Rs 2,075 crore from Oriana Investments (Aditya Birla Group entity) via a preferential share issue.

After the allotment of equity shares, the paid-up equity share capital of Vodafone Idea increased from Rs 66,483.45 crore to Rs 67,878.88 crore, it said in the filing.

The company in April raised around 18,000 crore through a follow-on public offer.

Vodafone Idea reported a net loss of Rs 7,674 crore in the January-March quarter, compared to Rs 6,418.9 crore reported in the same quarter of 2022-23.

The shares of the company closed at Rs 16.08 apiece on Thursday.