Vodafone Idea Board Okays $234 Mln Share Issuance To Promoter Entities
Indian telecom operator will seek shareholders’ approval at an extraordinary general meeting on 7 January
(The Corner Office Journal) -- Vodafone Idea Ltd. said its board approved raising 1,980 crore rupees ($234 million) via the issuance of shares to the company’s UK-based promoter Vodafone Group.
The board approved the issuance of up to 175.53 crore shares at 11.28 apiece on a preferential basis to Vodafone Group entities, namely Omega Telecom Holdings Private Ltd. and Usha Martin Telematics Ltd., Vodafone Idea said in a stock exchange announcement.
The Indian telecom operator will issue shares valued at 1,280 crore rupees to Omega Telecom and shares worth 700 crore rupees to Usha Martin Telematics on a preferential basis.
Vodafone Idea will convene an extraordinary general meeting on 7 January to seek shareholders’ approval for the preferential issue, according to the statement.
Following the share issuance, Omega Telecom will own a 1.98% stake and Usha Martin Telematics will hold a 1% stake in Vodafone Idea.
Note: $1 = 84.6762 Indian rupees
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