Vodafone Idea Board approves proposal to raise Rs 14,500 crore fund

Thursday's board of directors of telecommunications giant Vodafone Idea approved a proposal to raise up to Rs 14,500. The Board of Directors has given priority to promoters to approve the issuance of up to 3.38 billion shares at an issue price of Rs 13.30 per share.

The telecom has said its stock exchange filing that Insurance of upto 3.38 billion equity shares of the face value of Rs 10 each at an issue price of Rs 13.30 per equity share, which is at a 10% premium to the floor price of Rs 12.08 for an aggregate consideration of up to Rs 4,500 crore to Euro Pacific Securities Ltd and Prime Metals Ltd.

The Board also approved the issuance of stocks or convertible securities, Global Depository Receipts, American Depositary Receipts, convertible bonds, convertible debentures, warrants of up to  10,000 crore warrants on one or more tranches.

Vodafone Idea (Vi) shares rose 6% on Thursday's BSE to Rupee 11.08  in an otherwise slippery market. Telecom provider stocks have risen for the fourth straight day, rising 16% over the period. Shares reached a 52-week high of  16.79 rupees on December 10, 2021.