Vodafone Idea to raise Rs 2,458 cr from Nokia, Ericsson and Networks India

New Delhi, June 14, 2024.

After raising Rs 18,000 crore from the market in April this year, Vodafone Idea Ltd on Thursday said its board has approved a preference share issue to mop up Rs 2,458 crore from Nokia Solutions, Networks India Private Ltd and Ericsson India Pvt Ltd.

In a regulatory filing, Vodafone Idea said that it will allot 102.7 crore shares aggregating Rs 1,520 crore to Nokia Solutions and Networks India Private Limited, and remaining 63.37 crore shares aggregating Rs 938 crore to Ericsson India Private Limited.

The telecom company will issue equity shares of face value of Rs 10 each at an issue price of Rs 14.80 per equity share (including a premium of Rs 4.80 per equity share) to the three entities.

Vodafone shares declined by 2.25 per cent to Rs 16.07 on the BSE on Thursday. Vodafone raised Rs 18,000 crore from the market through a follow-on public issue (FPO) in April this year. It has proposed to use Rs 12,750 crore for expanding its network infrastructure by setting up new 4G sites, expanding capacity of existing 4G sites and setting up new 5G sites.