Vodafone Idea To Consider Issuance Of Securities This Week

Vodafone Idea Ltd. said its board will meet on 13 June to consider proposals for issuance of equity shares or convertible securities.

The company plans to issue the securities on a preferential basis to vendors, the Indian telecom operator said in a stock exchange announcement.

The issuance will be subject to necessary approvals, including from shareholders.

In February, the cash-starved company’s board approved raising as much as 20,000 crores rupees ($2.40 billion) via a combination of equity and equity-linked instruments.

Vodafone Idea -- an Aditya Birla Group and UK-based Vodafone Group partnership -- competes with Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.

Note: $1 = 83.5213 Indian rupees

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