Vodafone Idea to Raise Rs 2,458 Cr from Nokia, Ericsson, Networks India

Vodafone Idea Ltd announced on Thursday that its board had approved the issuance of preference shares to recoup Rs 2,458 crore from Nokia Solutions, Networks India Private Ltd, and Ericsson India Pvt Ltd. The company had previously raised Rs 18,000 crore from the market in April of this year.

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VI to Issue Equity Shares at Rs 14.80 Each

Vodafone Idea announced in a regulatory filing that it will give Nokia Solutions and Networks India Private Limited 102.7 crore shares, for a total of Rs 1,520 crore, and Ericsson India Private Limited the remaining 63.37 crore shares, worth a total of Rs 938 crore.

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The three entities will get equity shares from the telecom company with a face value of Rs 10 each, at an issue price of Rs 14.80 per equity share, which includes a premium of Rs 4.80 per equity share.

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Vodafone Shares Dip 2.25% to Rs 16.07 on BSE

On Thursday, Vodafone’s shares fell 2.25 percent to Rs 16.07 on the BSE. In April of this year, Vodafone conducted a follow-on public offering (FPO) to raise Rs 18,000 crore from the market. It has suggested using Rs 12,750 crore to build new 5G sites, increase the capacity of current 4G sites, and establish new 4G sites as part of its network infrastructure expansion. Over 75% of the Rs 30,000 crore that the company has raised in the last five years has come from the two promoter groups. The Aditya Birla group has contributed more than Rs 2,000 crore to the most recent cash campaign.