Vodafone Idea to allot 3,38,34,58,645 shares at Rs. 13.30 per share to promoter group

The Board of Directors of Vodafone Idea Limited ('the Company') at its meeting held today, 3 March 2022, has, subject to the approval of the shareholders of the Company in General Meeting, approved the issuance of upto 3,38,34,58,645 equity shares of face value of Rs. 10/- each at an issue price of Rs. 13.30 per equity share (including a premium of Rs. 3.30 per equity share), which is at a 10% premium to the floor price of Rs.12.08 as per SEBI (ICDR) Regulations, for an aggregate consideration of upto Rs.4,500 crores (Rupees four thousand five hundred crore), to Euro Pacific Securities Ltd. and Prime Metals Ltd. (Vodafone Group entities and promoters of the Company), and Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group) on a preferential basis 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, is February 24, 2022.

The board also approved the issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants, composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares or a combination thereof up to an aggregate amount of Rs. 10,000 crore by way of private placement, qualified institutions placement or through any other permissible mode in one or more tranches.

The Board also approved convening of an extraordinary general meeting of the Company on Saturday, 26th March, 2022, to approve the above matters.

Shares of Vodafone Idea Limited was last trading in BSE at Rs. 11.08 as compared to the previous close of Rs. 10.44. The total number of shares traded during the day was 106358631 in over 69333 trades.

The stock hit an intraday high of Rs. 11.23 and intraday low of 10.56. The net turnover during the day was Rs. 1163064579.00.

Source : Equity Bulls

Keywords

VodafoneIdea INE669E01016 PreferentialAllotment FundRaising VodafoneGroup AdityaBirlaGroup