Vodafone Idea's Board of Directors will convene on December 9, 2024, to discuss a proposal for raising up to Rs 2,000 crore through the issuance of equity shares and/or convertible securities on a preferential basis.
The funding will be obtained from entities within the Vodafone Group, which currently holds a 22.56% stake in the company. The purpose of this funding is to settle existing debt and any remaining funds will be used for a new equity share issue.
The telecom operator is owned by the Aditya Birla Group (14.76% stake) and the government (23.15% stake). The details of the capital raise will be decided during the board meeting.