Vodafone Idea board approves raising Rs 1,980 crore through Preferential Share Issue

Vodafone Idea has given the go ahead to raise Rs. 1,980 crore through a preferential share issue. The shares will be offered to its promoter entities, Omega Telecom Holdings (up to Rs. 1,280 crore) and Usha Martin Telematics (up to Rs. 700 crore), both part of the Vodafone Group.

The company will issue up to 1,755,319,148 equity shares, each with a face value of Rs. 10, at an issue price of Rs. 11.28 per share (which includes a premium of Rs. 1.28). This decision was made at the company’s board meeting held today.