Voda-Idea gets nod for over 75 per cent shareholding

The company had sought the approval to guard against a possibility of a shortfall in participation by minority shareholders. The company has got the SEBI’s nod for this and the time frame to bring promoters’ shareholding back under 75 per cent is 12 months, sources said.

Meanwhile, shareholders will be able to buy 87 shares for every 38 shares held for an issue price of Rs 12.50 apiece, Vodafone Idea said in a statement. That will be around 60 per cent discount to the current share prices.

Vodafone Idea, the country’s largest telecom operator, on Wednesday said its board has approved raising of up to Rs 25,000 crore through rights issue. The issue will open on April 10 and will close on April 24. The promoter shareholders (Vodafone Group and Aditya Birla Group) confirmed their participation of up to Rs 11,000 crore and up to Rs 7,250 crore respectively; in excess of their combined current entitlement.

Furthermore, certain promoter shareholders have also indicated that, in case the rights issue is under-subscribed, they reserve the right to subscribe to part or whole amount of the unsubscribed portion, subject to the applicable laws, the telecom company said.