Vi shareholders okay Rs 2,458 cr preferential issue to Nokia, Ericsson

Vodafone Idea (Vi) shareholders have approved the issuing of preferential shares worth Rs 2,458 crore to long-term vendors Nokia and Ericsson, Vi said in a regulatory filing on Thursday. The move to offer a stake is a bid by the financially beleaguered telco to partially clear outstanding dues owed to the two telecom gear makers.

The decision by the Vi board to offer 1,027 million equity shares with a face value of Rs 10 each to Nokia and 633.7 million shares to Ericsson was put to a shareholder vote at an extraordinary general meeting of the company on Wednesday.