Vi board approves plan to raise Rs 1,980 crore from promoter units

The board of Vodafone Idea (Vi) on Monday approved a proposal to raise Rs 1,980 crore from entities belonging to promoter Vodafone Group PLC through a preferential issue.

Vi will issue shares to Vodafone Group entities Omega Telecom Holdings and Usha Martin Telematics worth up to Rs 1,280 crore and Rs 700 crore, respectively, it said in an exchange filing on Monday. The issuance will involve 1.75 billion equity shares of face value Rs 10 each. The issue price will be Rs 11.28 per share. Vi has called an extraordinary general meeting (EGM) on January 7, 2025, to seek shareholder approval.