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Vodafone Idea gets shareholders' nod to raise share capital to Rs 50,000 cr

The increased authorised share capital provides headroom for the company to infuse additional funds

Press Trust of India  |  New Delhi 

The immediate priority of the merged entity will be to consolidate its position across the range of service offerings
Vodafone Idea

Telecom operator Vodafone Idea has received shareholders' approval to raise its authorised share capital to Rs 50,000 crore, according to a regulatory filing by the company on Wednesday.

The increased authorised share capital provides headroom for the company to infuse additional funds.

"The members have approved increase in the authorised share capital of the company from existing Rs 3,02,93,00,20,000 (over Rs 30,293 crore) to Rs 5,00,00,00,00,000 (Rs 50,000 crore) by amending clause V of the memorandum of association," Vodafone Idea said in a BSE filing.

The proposal was approved by over 92 per cent shareholders in the annual general meeting of the company held on Tuesday.

The proposal to increase the share capital follows Rs 25,000 crore rights issue which led to the issue of additional shares by the company.

The shareholders also approved Vodafone Idea's proposed transactions with Bharti Infratel and Indus Towers about company's plan to monetise 11.15 per cent stake in Indus Tower.

Indus Tower is in the process of merging its business with Bharti Infratel.

First Published: Wed, August 28 2019. 17:30 IST
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