Vodafone Idea to raise Rs 2,075 crore from Aditya Birla Group

Vodafone Idea to raise Rs 2,075 crore from Aditya Birla Group

Vodafone Idea's Board has approved raising Rs 2,075 crore from promoter Aditya Birla Group.

• Fundraising Approval: The company received shareholders' nod for raising up to Rs 20,000 crore by issuance of securities in an extraordinary general meeting (EGM) held on April 2.

• Shareholders’ Meeting: Shareholders' approval will be sought at an extraordinary general meeting on May 8.

• Share Capital Increase: The company will increase its authorised share capital to Rs 1 lakh crore. An increase in the authorised share capital of the company from existing Rs 75,000 crore to Rs 1 lakh crore was also approved.

• Financial Strategy: The company plans to raise Rs 45,000 crore through a mix of equity and debt to match services offered by rivals and arrest subscriber churn.

The fundraising aims to improve Vodafone Idea's competitive positioning in the Indian telecom market.