VIL’s board approves plan to raise around Rs 250 billion through rights issue

Vodafone Idea Limited’s (VIL) board of directors has approved the plan to raise Rs 250 billion through fully or partly paid-up equity shares of the company and other convertible securities such as convertible debentures. To this end, promoter shareholders of the Vodafone Group will contribute around Rs 110 billion and promoter shareholders of the Aditya Birla Group will contribute up to Rs 72.5 billion through a rights issue as part of the planned capital raise. Further, the promoter shareholders have said that in case the rights issue is undersubscribed, each of the promoter shareholders will reserve the right to subscribe to a part or whole amount of the unsubscribed portion.