Vodafone Idea prices rights issue at Rs 12.50 per share, a 59% discount; to open on April 10

Vodafone Idea’s board Wednesday priced its rights issue at Rs12.50 a share, or at a 59% discount to current market price, as the telco plans to raise as much as Rs 25,000 crore to bolster its countrywide 4G coverage to effectively take on Reliance Jio Infocomm and Bharti Airtel.

VIL’s upcoming rights issue opens on April 10 and closes on April 24. In afternoon trade, VIL’s stock price was 4.53% down at Rs 30.55 on the BSE.

“Vodafone Idea’s board of directors has approved the rights entitlement ratio at 87 equity shares for every 38 held by eligible shareholders of the company on the record date, which is April 2,” the company told exchanges on Thursday.

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