VIL to raise Rs 436.21 crore from Vodafone via preferential issue of convertible warrants

KOLKATA: Vodafone Idea (Vi) will raise Rs 436.21 crore from its UK parent, Vodafone Group Plc, through a preferential issue of convertible warrants as part of its efforts to mop up all available funds ahead of the 5G spectrum sale.

“…the Vodafone Idea board at its meeting today approved issuance of 42,76,56,421 warrants (each convertible into one equity share), to Euro Pacific Securities, a Vodafone Group entity and promoter of the company, at an issue price of Rs. 10.20 per warrant, aggregating Rs 436.21 crore on a preferential basis,” the company said in a late Friday evening BSE filing.

Vi added that 100% of the issue price would be paid upfront at the time of subscription of warrants. Each warrant would be convertible into 1 equity share and the rights attached to warrants can be exercised at any time, within a period of 18 months from the date of allotment.