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Vodafone Idea board agrees to raise Rs 25,000 cr through share sale, debt

The fund raising will help the company to get its finances back on track as it takes several steps to cut operational costs

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Vodafone Idea Ltd, owned by Vodafone PLC of UK and Aditya Birla group, on Friday decided to raise up to Rs 25,000 crore by way of share sale and debt. The company’s Board of Directors, in a meeting in Mumbai, of the decided to raise the funds via equity of up to Rs. 15,000 crore andanother tranche of Rs. 15,000 crore, by way of public offering or private placement basis of nonconvertible debentures -- but with a ceiling of Rs 25,000 crore.

Both proposals will be taken-up at the annual general meeting of shareholders scheduled on September 30. The fund raising will help the ...

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First Published: Fri, September 04 2020. 20:06 IST