Vodafone Idea board approves raising up to Rs 14,500 crore

Debt-ridden telecom operator Vodafone Idea on Thursday said its board has approved raising of up to Rs 14,500 crore, including Rs 4,500 crore from promoter entities.

An amount of Rs 10,000 crore would be raised by way of sale of equity or through debt instruments such as ADR, GDR and FCCBs. In a regulatory filing, the company said the board has cleared issuance of up to 338.3 crore equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share for an aggregate consideration of up to Rs 4,500 crore.

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These shares will be issued to Euro Pacific Securities Ltd and Prime Metals Ltd (Vodafone Group entities and promoters of the company), and Oriana Investments Pte Ltd (an Aditya Birla Group entity) on a preferential basis, the filing said.