Vodafone Concept (Vi) has introduced a board assembly on December 9, 2024, to contemplate elevating upto Rs 2,000 crore by means of fairness shares and/or convertible securities on a preferential foundation to co-promoter, Vodafone Group Plc. The late night time trade submitting got here after UK-based Vodafone Group introduced plans to speculate portion of its residual 3 % Indus Tower stake sale proceeds into Vodafone Concept.
Additionally Learn: Vodafone Group to Exit Indus Towers by Offloading Remaining 3 P.c Stake
Board Assembly Scheduled
“…{that a} assembly of the Board of Administrators of the Firm is scheduled to be held on Monday, 9 December 2024, inter-alia, to contemplate proposal for elevating of funds not exceeding Rs. 2,000 crore, by the use of issuance of fairness shares and / or convertible securities on a preferential foundation to a number of entities belonging to Vodafone Group (one of many Promoters of the Firm),” Vi stated in an trade submitting.
Stake Sale in Indus Towers
The choice follows Vodafone Group’s announcement to reinvest a part of its proceeds from the sale of its remaining 3 % stake in Indus Towers, valued at over USD 300 million (Round Rs 2,540 crore). Via this transaction, the British telecom firm totally exited Indus Towers—now a Bharti Airtel subsidiary—by means of a block deal and can initially use the funds to settle USD 101 million in secured borrowings, with a portion earmarked for Vi to clear dues to Indus Towers.
“The proceeds from the Inserting might be used firstly to repay Vodafone’s excellent borrowings of USD 101 million to Vodafone’s current lenders, secured in opposition to Vodafone’s Indian belongings,” Vodafone stated in a press release on Wednesday.
Additionally Learn: Vodafone Executives Step Down from Indus Towers Board After Bharti Airtel’s Majority Possession
Stakeholders in Vodafone Concept
Vodafone Group entities Omega Telecom Holdings Non-public Restricted and Usha Martin Telematics Restricted are promoting 79.2 million shares, representing 3 % of Indus’ stake, by means of an accelerated book-build providing, the British telco stated.
Vi lately paid Rs 2,328.2 crore of its estimated Rs 7,076 crore excellent to Indus Towers by the tip of September, based on media experiences. Vodafone Group presently owns a 22.56 % stake in Vi, whereas the Aditya Birla Group holds 14.76 %.
