Vodafone-Thought will increase ₹2,075 crore from Aditya Birla Group: This fundraising plan of the corporate received approval from the board.

The board of telecom firm Vodafone-Thought (VI) has permitted the plan to lift Rs 2,075 crore. Vodafone-Thought will increase this fund from the corporate’s promoter Aditya Birla Group. The corporate has introduced this plan on April 6.

Approval to difficulty 139.5 crore fairness shares
Vodafone-Thought stated in a regulatory submitting that its board has permitted the issuance of 139.5 crore fairness shares to Oriana Investments Pte Ltd at a problem value of Rs 14.87 per share. The difficulty value additionally features a premium of Rs 4.87 per share. The face worth of the share is Rs 10.

Oriana Investments is a unit of Aditya Birla Group. The worth of this preferential difficulty has been mounted at Rs 2,075 crore, topic to shareholder approval within the normal assembly. The corporate stated that the date for setting the ground value is April 8, 2024.

Vodafone-Thought shares closed at Rs 13.35 on Friday. The market cap of the corporate is Rs 66.71 thousand crore.

The board additionally permitted growing the licensed share capital of the corporate.
VI additionally stated its board has permitted growing the corporate’s licensed share capital to Rs 1 lakh crore from the present Rs 75,000 crore. Which incorporates fairness share capital of Rs 70,000 crore and choice share capital of Rs 5,000 crore.

The corporate stated that below the proposed change, the elevated licensed share capital can be divided into fairness share capital of Rs 95,000 crore and choice share capital of Rs 5,000 crore. VI additionally stated that it’ll search shareholder approval relating to these proposals within the normal assembly to be held on Could 8.