Vi meeting on April 6 for Rs 2075 crore issuance

Vodafone Idea has scheduled a Board meeting on Saturday, April 6, 2024 for considering issuance of equity / convertible securities on preferential basis to one or more promoter group entities for a sum upto Rs. 2075 crores. The telco has informed the stock exchange on April 3. This is further to the telco’s intimation of April 3, 2024.

The notification came hours after the telco had said that the shareholders have approved fund raise of Rs 20,000 crore.

Analysts suggest that these moves could help the company regain some of its competitive edge by offering a better experience to its users, and expand its 4G network and rollout 5G services. Nokia and Ericsson are expecting to gain from this.

Meanwhile, CNBC-Awaaz, citing sources, has reported that Vi fund raise could materialise with an FPO being launched in a week or two.

Vodafone Idea is looking to raise around Rs 20,000 crore via a Follow On issue, and the board had already accorded its approval in February 2024.

CT Bureau