Vodafone Idea share price likely to be in focus today; here’s why
Vodafone Idea share price is expected to be in focus on Tuesday, December 10, a day after the company announced its board of directors had approved the issuance of up to 175.53 crore shares on a preferential basis to two Vodafone Group entities to raise up to ₹1,980 crore.
The company has fixed the issue price at ₹11.28 per equity share. It also clarified that the relevant date for determining the floor price for the preferential issue was December 6, 2024.
“The board of directors approved the issuance of up to 1,75,53,19,148 equity shares of face value of ₹10 each at an issue price
of ₹11.28 per equity share (including a premium of ₹1.28 per equity share) for an aggregate consideration of up to ₹1,980 crore on a preferential basis to Omega Telecom Holdings Private Limited (up to ₹1,280 crore) and Usha Martin Telematics Limited (up to ₹700 crore), Vodafone Group entities and promoters of the company,” said the company in an exchange filing after market hours on Tuesday.
After the allotment of securities, the stake of Omega Telecom Holdings Private Limited in the company will rise to 1.98 per cent from 0.40 per cent before the allotment. Similarly, the stake of Usha Martin Telematics Limited will rise to 1 per cent from 0.13 per cent.
This fundraising is a positive development for the debt-ridden telecom operator as it navigates financial challenges.
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