Voda Idea gets board nod to raise Rs 2,075 cr from Aditya Birla group

Debt-ridden telecom firm Vodafone Idea on Saturday said its board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.

The company will seek shareholders’ approval at an extraordinary general meeting on May 8 on the proposals, it said in a regulatory filing.

The Vodafone Idea board has approved “issuance of up to 1,395,427,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis,” the filing said.