Green signal for Vodafone-Idea to raise up to Rs. 25,000 crore

The Cabinet Committee on Economic Affairs has approved a Foreign Direct Investment proposal of over Rs. 5,000 crore in Vodafone Idea Ltd. The approval has been given to raise funds of up to Rs. 25,000 crore of the proposed equity fund raise by way of a rights issue of equity shares and/or other equity linked securities to eligible shareholders of the company.

The CCEA also approved to take on record the proposed changes in the indirect foreign investment in the subsidiaries of Vodafone Idea Ltd, which will take place on account of non-residents subscribing to the equity shares in the fund raise.

The Cabinet approved Rs. 1,450 crore for the share capital of RBI in National Housing Bank. This expenditure of Rs. 1,450 crore is to be met out of Gross Budgetary Support 2018-2019. The beneficiaries are the Reserve Bank of India and the housing sector, an official statement said.