Vodafone Idea promoters contribute Rs 17,920 crore to rights issue

Promoters of Vodafone Idea contributed Rs 17,920 crore to its Rs 25,000 crore rights issue compared to their commitment of Rs 18,250 crore following over-subscription of the scheme, the company said Sunday.

With this contribution, the promoters’ stake in the country’s largest telecom operator increased marginally to 71.57 per cent from 71.33 per cent.

“The Company witnessed participation from both domestic and foreign public shareholders. The issue was oversubscribed approximately 1.08x and the public participation was approximately 1.2x.

“The promoter / promoter group applied for higher than their aggregate rights entitlement in line with their earlier commitment, however, due to strong demand from public shareholders, the final allotment to the promoter / promoter group was Rs. 179.2 billion,” Vodafone Idea said in a statement.