VIL to seek shareholders’ nod to raise Rs 436 cr from Vodafone on July 15

Debt-ridden telecom operator will seek shareholders’ nod to raise Rs 436 crore from its promoter group Vodafone in an extraordinary general meeting to be held on July 15, the company said in a regulatory filing on Thursday.

(VIL) promoters – Vodafone Group and Aditya Birla Group – jointly hold a 74.99 per cent stake in the company.

“…the consent of the members of the company be and is hereby accorded to offer, issue and allot from time to time in one or more tranches either up to 42,76,56,421 equity shares of the face value of Rs 10 each of the company for cash at a price of Rs 10.20 per equity share aggregating up to Rs 436.21 crore,” VIL said in the EGM notice.

The company may opt for raising Rs 436.21 crore by issuing warrants at a unit price of Rs 10.2 apiece.

As of March 31, 2022, the total debt (including interest accrued but not due) of the group was Rs 1,97,878.2 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *