DEBT-RIDDEN VODAFONE IDEA on Saturday said its board has approved raising of ₹2,075 crore from one of its promoters, Aditya Birla Group, and increasing its authorised share capital to ₹1 trillion. The approvals are part of the company's plans to raise ₹20,000 crore of capital to fund its operations and lower its debt burden.
The company will seek shareholders' approval at an extraordinary general meeting on May 8 on the proposals, it said in a regulatory filing.
The promoter's infusion is part of Vodafone Idea's broader two-part fundraising plan totalling ₹45,000 crore through a mix of equity and debt. It plans to raise ₹20,000 crore via equity by June-end, and follow that up with around ₹25,000 crore from lenders.
This story is from the April 07, 2024 edition of Financial Express Mumbai.
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This story is from the April 07, 2024 edition of Financial Express Mumbai.
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