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Vodafone Idea Shareholders Approve Rs 20,000-Crore Fundraising Plan; Check Details – Prime Time News24


Vodafone Thought performed a rare common assembly (EGM) with shareholders on April 2 to hunt approval for the proposed fundraising.

After the fundraising reviews, Vodafone Thought’s shares on Wednesday rose Rs 0.27, or 2.01 per cent, to Rs 13.71 apiece on the BSE through the day

Vodafone Thought’s (Vi) shareholders on Wednesday accredited the corporate’s plan to lift Rs 20,000 crore in fundraising by a mix of fairness and equity-linked devices. Following this, its shares gained over 2 per cent.

The fundraising could possibly be by the use of subject of fairness shares or by the use of any devices together with securities convertible into fairness shares, International Depository Receipts, American Depository Receipts or bonds together with overseas forex convertible bonds, convertible debentures, warrants, and so on.

Following the capital increase report, Vodafone Thought’s shares on Wednesday rose Rs 0.27, or 2.01 per cent, to Rs 13.71 apiece on the BSE through the day.

“This may current a very good alternative for the distributors, together with Nokia, Ericsson and Samsung, to get contracts at a time when contemporary offers with Airtel and Jio will probably be restricted,” Prime Time News24 quoted Ashwinder Sethi, principal at Analysys Mason, as saying.

Vodafone Thought performed a rare common assembly (EGM) with shareholders on April 2 to hunt approval for the proposed fundraising.

The promoters additionally participated within the proposed fairness increase, as dedicated earlier, in response to a BSE submitting on April 3.

“The shareholders of the corporate holding shares as on the ‘cut-off’ date i.e. Tuesday, March 26, 2024, had been entitled to vote on the proposed decision as set out in merchandise No. 1 within the Notive of the EGM of firm,” it mentioned.

There have been a complete of 36,85,187 shareholders on the report date. Out of the entire 50,11,98,20,375 shares held, a complete of 42,048,175,916 had been in favour, in response to the submitting.

The corporate mentioned the power offered for distant e-voting commenced on Friday, March 29, 2024, at 9 am and ended on Monday April 1, 2024, at 5 pm.

In the course of the third quarter ended December 2023, Vodafone Thought (VIL) reported narrowing of losses to Rs 6,986 crore. The losses had stood at Rs 7,990 crore a 12 months in the past.

In the course of the quarter beneath overview, the income from operations for the ailing telco got here in at Rs 10,673.1 crore, practically flat over the corresponding interval earlier 12 months.

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