HomeBusinessVodafone Group's Vodafone Idea raises Rs 436 Cr

Vodafone Group’s Vodafone Idea raises Rs 436 Cr

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Vodafone Idea, a telecom operator, announced Wednesday that it will raise Rs 436.21 Crore equity investment from Vodafone Group, its UK-based promoter.
“We are pleased to inform you that Vodafone Idea Limited’s Board of Directors met today, i.e. 22nd June 2022. The Board of Directors of Vodafone Idea Limited has approved the raising of funds totalling Rs 436.21 crore through the issuance of equity shares of face value Rs. 42,76,56.421 (a) or up to 42,76,56.421 (b). 10/- each or (b) upto 4276,56.421 Equity Shares with a face value of Rs.
Vodafone Idea stated that it would issue an equity stake to Vodafone Group in accordance with Chapter V of SEBI’s (Issue of Capital and Disclosure Requirements Regulations) Regulations 2018, 2018 (‘ICDR Regulations).
According to the company’s ICDR Regulations, the date that determines the floor price for the Preferential Issue in each case is June 15, 2022.
Vodafone Idea is jointly promoted in India by Aditya Birla Group, a UK-based Vodafone Group, and India’s Aditya Birla Group.

Vodafone Idea’s Board of Directors has approved, at its meeting on Wednesday afternoon, the holding of an Extraordinary General Meeting of Company members on 15th July 2022 in order to get approval from shareholders for the aforesaid Preferential issue.
Vodafone Idea’s share price rose 0.71 percent to Rs 8.53 at the BSE.
Despite market selloffs, the company’s share closed positive.
The 30 stock S&P BSE Sensex slumped 709.54 points or 1.35 per cent to 51,822.53 per cent against its previous day’s close at 52,532.07 points.
After two consecutive days with gains, the Sensex has fallen. On Tuesday, the Sensex gained 934.23 Points or 1.81 Percent.
In the last nine trading sessions, the Sensex closed in the red seven times. Last week, there was a lot of selling pressure on the market. The Sensex had fallen by 2,943.02 point or 5.41 percent last week.

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