Shareholders of Vodafone Idea have accepted a proposal to raise Rs 14,500 crore, the personal debt-ridden telecom operator claimed in a filing on Saturday.
Shareholders authorized the proposal at the remarkable normal conference held on Saturday, the filing reported.
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Vodafone Notion (VIL) experienced put unique resolution of difficulty of equity shares worthy of Rs 4,500 crore to the group firms of promoters Vodafone and Aditya Birla Group for transaction at the EGM.
As part of its fundraising, VIL experienced also sought shareholders’ approval to elevate Rs 10,000 crore through sale of equity or via a combine of ADR, GDR and FCCBs.
Promoter organization Vodafone plans to infuse up to Rs 3,375 crore into credit card debt-ridden Vodafone Idea Ltd. In addition to, Aditya Birla Group ideas to pump in up to Rs 1,125 crore.
Vodafone’s team firm Euro Pacific Securities and Prime Metals will subscribe to 253.75 crore equity shares. This will be 75 for each cent of the overall fairness shares to be issued by the organization on preferential basis, indicating a contribution of around Rs 3,374.9 crore from the British telecom key.
Aditya Birla Team agency Oriana Investments Pte will subscribe to 84.58 crore fairness shares which is about 25 for each cent of the preferential shares of VIL as part of the fund raise, implying a contribution of Rs 1,125 crore.
At present, Birlas have far more than 27 for each cent stake in VIL when Vodafone Plc holds in excess of 44 for each cent shareholding in VIL.
VIL sought shareholders’ nod to enhance the authorised share capital to Rs 75,000 crore, divided into 7,000 crore equity shares of Rs 10 each and 500 crore desire share of Rs 10 every single.
Telecom services vendors, VIL in particular, bought a shot in the arm with the governing administration previous year approving a blockbuster reduction bundle that included a four-yr break for businesses from paying statutory dues, permssion to share scarce airwaves and 100 for every cent foreign investment decision by the automatic route.