Vodafone Idea board clears Rs 25,000-cr rights issue at Rs 12.50/equity

The board of directors of India’s largest telecom operator Vodafone Idea on Wednesday cleared the planned Rs 25,000-crore rights issue at a price of Rs 12.50 per equity share, a steep 61 per cent discount to the prevailing market rate.

In a regulatory filing, the company said that the rights entitlement ratio has been fixed at 87 equity shares for every 38 equity shares held by eligible shareholders of the company on the record date, that is April 2, 2019. The issue opening date has been fixed for April 10 while the closing date has been set for April 24, 2019, the filing said.

The issue price of Rs 12.50 per equity share (including a premium of Rs 2.50 per equity share) is at a massive 61 per cent discount to the previous closing of Rs 32 per share.