Vodafone Idea LTD said on Wednesday that it has approved the offer and issue of fully paid-up and/or partly-paid up equity shares of the Company and/or other securities convertible into equity shares of the Company for an amount aggregating up to Rs 25,000 crore, by way of a rights issue to existing eligible equity shareholders of the Company, as at the record date.
According to a statement issued here, the issue and offer is in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (the ‘Rights Issue’).
The Promoter shareholders (Vodafone Group and Aditya Birla Group), have re-iterated to the Board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, as part of such Rights Issue, the company said in a filing with the BSE.
Further, the Promoter shareholders have indicated that in case the Rights Issue is under subscribed, each of the Promoter shareholders reserves the right to subscribe to part or whole amount of the unsubscribed portion, subject to applicable law.
For the purposes of giving effect to the Rights Issue, the Board has authorised the Capital Raising Committee to, decide the terms and conditions of the Rights Issue, including the instrument, issue price, rights entitlement ratio, record date, timing of the Rights Issue and other related matters, it added. (UNI)
