Vodafone Idea promoters infuse Rs 179.2 billion through rights issue

The promoters of Vodafone Idea Limited, which include UK-based Vodafone Group and India’s Aditya Birla Group, have infused Rs 179.2 billion into the company through a rights issue. This amounts to about Rs 0.9 billion more than their aggregate rights issue entitlement. The infusion has increased the promoters’ shareholding marginally from 71.33 per cent to 71.57 per cent. Separately, Vodafone Group Plc has pledged its entire 44.39 per cent stake in Vodafone Idea worth over Rs 180 billion with seven foreign banks. The move comes after Vodafone Idea issued new shares to the promoters following a rights issue worth Rs 250 billion. Vodafone Idea’s rights issue, the largest in the country, had opened on April 10, 2019 and closed on April 24, 2019. It was oversubscribed by a little over 100 per cent and had crossed Rs 250 billion in value terms.