Vodafone Idea allots shares worth Rs 615 cr via preferential issue

The telecom operator's board approved the second tranche allotment of shares to Nokia Solutions and Networks India and Ericsson India aggregating to Rs 614.5 crores at an issue price of Rs 14.80 per share.

The company allotted 41,52,02,701 equity shares of face value of Rs 10 each at an issue price of Rs 14.80 per equity share, to Nokia Solutions (25,67,56,756 equity shares) and Ericsson India (15,84,45,945 equity shares), vendors (non-promoter) of the company, aggregating to Rs 614.5 crore, on a preferential basis.

Following the allotment of equity shares in the offer, the paid-up equity share capital of the company stands increased to Rs 688,692,891,740 comprising of 68,869,289,174 equity shares of the face value of Rs 10 each.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service provider. The company provides pan India voice and data services across 2G, 3G and 4G platforms. The company holds large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave 5G spectrum in 16 circles.

The telecom service providers consolidated net loss widened to Rs 7,674.6 crore in Q4 FY24 as compared with Rs 6,418.9 crore in Q4 FY23. Revenue from operations increased marginally to Rs 10,606.8 crore in Q4 FY24 as against Rs 10,531.9 crore posted in Q4 FY23.

The scrip slipped 3.04% to end at Rs 16.28 on Thursday, 18 July 2024.

Powered by Capital Market - Live News