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Debt-ridden telecom firm Vodafone Idea on Saturday said its board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.
The company will seek shareholders' approval at an extraordinary general meeting on May 8 on the proposals, it said in a regulatory filing.
The Vodafone Idea board has approved "issuance of up to 1,395,427,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis," the filing said.
The board also approved an increase in the authorised share capital of the company from existing Rs 75,000 crore, divided into Rs 70,000 crore equity share capital and Rs 5,000 crore preference share capital, to Rs 1 lakh crore, the filing said.
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The increased authorised share capital of the company will be divided into Rs 95,000 crore equity share capital and Rs 5,000 crore preference share capital.
The approvals are part of the company's plans to raise Rs 20,000 crore of capital to fund its operations and lower its debt burden.
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