Vodafone Idea board approves Rs 14,500-cr fund-raising plan

The board approved issuance of up to 3.38 bn equity shares at issue price of Rs 13.30 per share

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