Vodafone Idea board to consider Rs 500-cr fundraising on Wednesday

The board of Vodafone Idea (Vi) will meet on Wednesday to consider a Rs 500-crore fund infusion plan from Vodafone Group Plc.

The infusion, the second in two months, comes ahead of the 5G spectrum auction that will see Indian telecom companies battle for airwaves in multiple bands.

In a stock exchange notification, Vi said the board will meet on Wednesday to consider the proposal for raising funds aggregating up to Rs 500 crore via equity shares or convertible warrants on a preferential basis to Vodafone group entities.

In March, Vi approved a Rs 4,500-crore fund raise with two promoters