The board of directors of Vodafone Idea Limited last week approved the raising of funds aggregating up to Rs 436.21 crores. The fundraising approved on 22nd June will either be done by the issuance of up to 42,76,56,421 equity shares of the face value of Rs 10 each or by up to 42,76,56,421 warrants convertible into equity shares, to Euro Pacific Securities.
The issuance of equity shares in Vodafone Group’s entity will be done on a preferential basis in accordance with SEBI’s ICDR regulations. The date for determining the floor price of the preferential issue as per SEBI’s ICDR regulations is 15th June 2022.
The board of the company also approved the convening of an Extraordinary General Meeting (EGM) of the company on Friday, 15th July 2022. The board will seek the approval of shareholders for the preferential issue during the EGM.