Vodafone Idea Right Issue Details:
Vodafone Idea Limited (‘Company’), one of the leading mobile telecommunications provider in India, opens on April 10, 2019, an issue of up to 20 billion fully paid up equity shares (face value Rs. 10 each) at a price of Rs. 12.50 per share aggregating up to Rs. 250 billion by way of rights issue to the eligible equity shareholders as on the record date of April 2, 2019. The rights entitlement is determined as 87 equity shares for 38 equity shares held by the eligible equity shareholders. The last date for request of Split Application Forms is April 17, 2019. The rights issue will close on April 24, 2019.
The Promoter shareholders, Vodafone Group and Aditya Birla Group confirmed their participation of up to Rs. 110 billion and up to Rs. 72.5 billion respectively in the rights issue. Furthermore, certain Promoter and Promoter group shareholders have also indicated that, in case the rights issue is undersubscribed, they reserve the right to subscribe to part or the whole amount of the unsubscribed portion, subject to applicable laws.
Balesh Sharma, CEO Vodafone Idea limited, said “Our top priority is to integrate quickly to improve customer experience and profitability. We believe that the expanding coverage and increasing capacity will enable us to offer a superior network experience to our customers, enhance our ability to add more broadband customers and improve profitability by reducing costs and delivering synergies. We are moving faster than initially estimated on integration and are on track to deliver our synergy targets. We believe that the proceeds from the rights issue coupled with the monetisation of our stake in Indus Towers Limited will allow us to make the required investments in the business to achieve our strategic goals. With strong assets such as two leading brands, ‘Vodafone’ and ‘Idea’, the largest spectrum portfolio and a well invested network, we are well placed to exploit the growth opportunities ahead of us.”
Source: Adfactors PR