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Voda Idea to raise Rs 14,500 crore before 5G sale – Times of India

NEW DELHI: Months after handing out the bulk possession to the federal government in lieu of statutory curiosity funds, beleaguered Vodafone Idea introduced a fund-raise working up to Rs 14,500 crore, probably to finance community and enterprise enlargement.
The mop-up, accepted by the corporate’s board, contains fund infusion by its non-public promoters — British telecom firm Vodafone Plc and India’s Aditya Birla Group — who would chip in with a complete of Rs 4,500 crore as they buy 338. 3 crore fairness shares (of face worth of Rs 10 every) at a problem value of Rs 13. 30 per share.

Vodafone Idea shares closed the day on Thursday at Rs 11. 05, up practically 6% although the BSE sensex was down by 366 factors. The contemporary promoter shares will likely be issued to Euro Pacific Securities and Prime Metals (Vodafone Group entities), and Oriana Investments (Aditya Birla Group entity) on a preferential foundation. For the remaining Rs 10,000 crore, the board accepted issuance of fairness shares or securities convertible into fairness shares, amongst different devices.
The fund-raise comes amid plans to enhance monetary energy, particularly because it carries a debt of Rs 1. 97 lakh crore. While the corporate was the largest beneficia- ry of the federal government bailout introduced in September, it desperately wants contemporary fund infusion to strengthen its community, whereas getting ready for 5G auctions. In the third quarter, the corporate had reported widening of its consolidated loss to Rs 7,231 crore. Against this, it had posted a loss Rs 4,532 crore in yr-in the past interval. Voda Idea to raise Rs 14,500cr before 5G sale.

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