Vodafone Idea has approved the issuance of over 40 crore shares on a preferential basis to Nokia Solutions and Networks India and Ericsson India, according to a recent filing with the exchange.
The preferential allotment, totaling approximately Rs 615 crore, is in line with Sebi regulations and is aimed at bolstering the company’s capital base.
The allocation details reveal that around 25 crore equity shares are designated for Nokia Solutions and Networks India Pvt. Ltd., while over 15 crore equity shares are allotted to Ericsson India Pvt. Ltd.
The issue price for each equity share has been set at Rs 14.80, comprising a face value of Rs 10 and a premium of Rs 4.80.
In a statement, the company noted that the Capital Raising Committee of the Board approved the issuance of 41,52,02,701 equity shares at an issue price of Rs 14.80 per share (including a premium of Rs 4.80). This allocation includes 25,67,56,756 shares for Nokia Solutions and Networks India Private Limited and 15,84,45,945 shares for Ericsson India Private Limited, totaling Rs 614.5 crores on a preferential basis.
In recent developments, Vodafone Idea (VIL) reported an addition of 0.8 million mobile broadband (MBB) subscribers in May. However, the company experienced a reduction in both its overall and active subscriber bases, with losses of 0.9 million and 1.7 million subscribers, respectively.
Vodafone Idea’s shares closed at Rs 16.32, marking a decline of over 2 percent on Thursday.
