VIL to raise Rs 1,980 cr through preferential issue

NEW DELHI: Vodafone Idea (VIL), the country’s third-largest telecom service provider, announced on Monday that its Board of Directors has approved the issuance of up to 176 crore equity shares on a preferential basis to raise Rs 1,980 crore.

The telco will issue these shares to Omega Telecom Holdings Private Limited (Rs 1,280 crore) and Usha Martin Telematics Limited (Rs 700 crore), both Vodafone Group companies. The shares will be issued at a price of Rs 11.28 per share, which represents a premium of nearly 40% over the closing price of Rs 8.11 on December 9, 2024.