Vi board meet on Dec 9 to consider upto Rs 2000 cr capital raise by share issue to co-promoter Vodafone

KOLKATA: Vodafone Idea (Vi) has actually scheduled a board conference on December 9 to take into consideration upto a Rs 2,000 crore fundraise through issuance of equity shares and or convertible safety and securities on an advantageous basis to co-promoter, Vodafone Team Plc

. The late night exchange declaring came also as UK’s Vodafone revealed strategies earlier today to spend a section of its residual 3% Indus Towers stake sale proceeds in Vodafone Concept (Vi) versus fresh shares to help its Indian telecom joint venture with the Aditya Birla Group clear a portion of its old as a result of Indus.

The Indus risk sale proceeds, however, will originally be made use of to remove the UK service provider’s $101 million outstanding borrowings to existing lending institutions, protected versus Vodafone’s Indian possessions, the British carrier claimed.

“… a conference of the Board of Directors of the Firm is scheduled on December 9, 2024, inter-alia, to take into consideration a proposal for increasing of funds not exceeding Rs 2,000 crore, by way of issuance of equity shares and/ or exchangeable safeties on a special basis to several entities coming from Vodafone Group,” Vi stated in a late night exchange declaring.

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Vodafone Group firms Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Ltd are offering 79.2 million shares, representing 3% of Indus’ risk, through a sped up book-build offering, the British telco said in a statement Wednesday. Last month, Vodafone identified its 3% stake in Indus as an “various other financial investment”.

The late evening exchange filing came also as UK’s Vodafone announced plans earlier today strategies to invest a section of its residual 3% Indus Towers risk sale profits in Vodafone Idea (Vi) against fresh shares to aid its Indian telecom joint venture with the Aditya Birla Team get rid of a part of its old as a result of Indus.