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The company intends to raise funds not exceeding ₹2,000 crore through the issuance of equity shares and / or convertible securities on a preferential basis to one or more entities belonging to the Vodafone Group, one of the promoters of the company.
As a result of this, the trading window for dealing in securities of the company will remain closed starting December 5 till December 11, 2024, the Vodafone Idea filing said.
Both Vodafone Idea and Indus Towers will remain in focus on Thursday after Vodafone Plc announced on Wednesday that it will sell its remaining 3% equity stake in Indus Towers and use those proceeds to repay $101 million in outstanding borrowings, secured against its Indian assets.
The move will also complete Vodafone’s planned disinvestment of its stake in Indus Towers, which was to be done in a phased manner. In June this year, it sold stake in Indus Towers worth ₹15,300 crore, bringing its holdings down to 3%, having sold a 7% stake in 2022 as well.
Vodafone Plc had mentioned that any unsold shares or unused proceeds will be allocated to guarantee Vodafone Idea’s obligations under their Master Services Agreement and further updates will be provided once the board of Vodafone Idea finalises the terms for the proposed equity issuances.
Vodafone Idea had earlier this year raised ₹18,000 crore through India’s largest Follow-on Public Offer (FPO) on record. However, the stock is down 22% from its FPO price of ₹11 apiece.
Vodafone Idea shares saw a sharp spike towards the close of Wednesday’s trading session and the stock ended 4.3% higher at ₹8.26. Shares have more than halved from their recent peak of ₹19.
