Telecom major Vodafone Idea’s board on Thursday approved proposal to raise funds up to Rs 14,500 crore through various means, including Rs 4,500 crore from promoter entities.

The board approved issuance of up to 3.38 billion equity shares at issue price of Rs 13.30 per share, which aggregates to Rs 4,500 crore, to promoters on preferential basis.

“Issuance of upto 3.38 billion equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share (including a premium of Rs. 3.30 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. (Vodafone Group entities and promoters of the company), and Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group),” the telco said in a stock exchange filing.

The board also approved issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants of up to Rs 10,000 crore in one or more tranches.

The board also approved convening of an extraordinary general meeting of the company on March 26.

Shares of (Vi) surged 6% to Rs 11.08 on the BSE on Thursday in an otherwise slippery market ahead of the board meeting. The stock of telecom services provider quoted higher for the fourth straight day, and has rallied 16% during the period. The stock had hit a 52-week high of Rs 16.79 on December 10, 2021.

Bharti Airtel has recently decided to acquire an additional 4.7% stake in Indus Towers from Vodafone Group. The two signed an agreement on the condition that Vodafone will use the proceeds to invest in (Vi) and the latter will clear its pending dues with Indus Towers.

reported a consolidated net loss of Rs 7,230.9 crore in Q3FY22 as against a net loss of Rs 4,532.1 crore in Q3FY21. Revenue for the quarter was Rs 9,720 crore, a QoQ improvement of 3.3%, aided by several tariff interventions including the recent tariff hikes taken by all operators in November 2021.

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