Vodafone Idea Approves Issuance Of Shares Worth Rs 2,075 Crore To Promoters
The issue price represents a premium of 11% from Friday's closing.
Vodafone Idea Ltd. approved issuance of 139.5 crore share of face value of Rs 10 each at an issue price of Rs. 14.87 per equity share to promoters, according to an exchange filing. The issue price represents a premium of 11% from Friday's closing.
This includes a premium of Rs. 4.87 per equity share, totaling Rs. 2,075 crores.
The issuance will be made to Oriana Investments Pte. Ltd, an entity within the Aditya Birla Group and part of the promoter group, on a preferential basis, in compliance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
As of the March 2024 quarter, Oriana Investments Pte. currently holds 299.31 crore shares, representing a 5.97% shareholding in the company.
The floor price for the Preferential Issue, as per the provisions of the ICDR Regulations, will be determined based on the relevant date, which is April 8, 2024.
Additionally, the board also approved an increase in authorised share capital of the company from existing Rs. 75,000 crores (divided into Rs. 70,000 crore equity share capital and Rs. 5,000 crore preference share capital) to Rs. 1,00,000 crores (divided into Rs. 95,000 crore equity share capital and Rs. 5,000 crore preference share capital).
On the NSE, shares of the company end 0.30% lower on Friday at Rs 13.32 compared to a 0.04% higher in the benchmark Nifty 50.
