Vodafone Idea Shares Jumps by 2% on Announcement of Rights Issue Worth Rs 25,000 Crore
In its BSE release, Vodafone Idea said that 20 billion fully paid up equity shares of face value Rs 10 will be available at Rs 12.50 by way of a rights issue to eligible equity shareholders.
Image for representation. (Photo: Reuters)
New Delhi: Shares of Vodafone Idea rose by 1.5 per cent on Wednesday, after the telecom major announced rights issue worth Rs 25,000 crore.
In March, the Board of Vodafone Idea had approved the rights issue to raise up to Rs 25,000 crore. The rights issue which opened on April 10 will close on April 24.
In its BSE release, India's largest telecom operator said that 20 billion fully paid up equity shares of face value Rs 10 will be available at Rs 12.50 by way of a rights issue to eligible equity shareholders as on the record date of April 2, 2019.
On Wednesday, Vodafone Idea said, "The rights entitlement is determined as 87 equity shares for 38 equity shares held by the eligible equity shareholders."
"We believe that the proceeds from the rights issue coupled with the monetisation of our stake in Indus Towers Limited will allow us to make the required investments in the business to achieve our strategic goals," said Balesh Sharma, CEO, Vodafone Idea.
The company stated that the last date for eligible shareholders to request a split application form is April 17.
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