Vodafone Idea’s Rs 25,000 crore rights issue opened on Wednesday, with commitment from promoters Vodafone as well as Aditya Birla Group to subscribe to their rights component fully. The telecom major’s rights issue is priced at Rs 12.50 per share, at a discount to the market price. Vodafone Idea shares closed 3.25 per cent lower at Rs 16.35 on BSE on Wednesday.
The rights proceeds, along with the Indus Tower sale, will make Rs 44,000-45,000 crore cash available, giving the company adequate funding. Vodafone Idea’s rival, telecom firm Bharti Airtel, is also close to launching its Rs 25,000 crore rights, part of its overall fundraising plans of Rs 32,000 crore.
Vodafone Idea’s rival, telecom firm Bharti Airtel, is also close to launching its Rs 25,000 crore rights, part of its overall fundraising plans of Rs 32,000 crore.The rights proceeds, along with the Indus Tower sale, will make Rs 44,000-45,000 crore cash available, giving the Vodafone adequate funding.
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