Vi clears allotment of 3rd tranche of equity shares worth Rs 614.5 crore to Nokia, Ericsson

The Vodafone Idea (Vi) board on Friday approved allotment of the third tranche of equity shares totalling Rs 614.5 crore on a preferential basis to its two European network gear vendors Nokia and Ericsson.

This follows Vi announcing last month its plans to raise up to Rs 2,458 crore from the two vendors via a preferential issue for partly clearing its dues in the run-up to expansion of its 4G networks and rollout of 5G services in priority markets.