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Vodafone Idea secures Rs 615 crore in funding
The Business Guardian
|July 20, 2024
Vodafone Idea, a leading telecom operator in India, has approved the allotment of over 40 crore shares on a preferential basis to Nokia Solutions and Networks India and Ericsson India.
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The company informed the exchange about this development in a filing, stating that the preferential allotment is in accordance with SEBI’s regulations and totals around Rs 615 crore.
The allotment is part of the company’s strategic move to enhance its capital base and strengthen its financial position. The breakdown of the allotment includes around 25 crore equity shares to Nokia Solutions and Networks India Pvt. and over 15 crore equity shares to Ericsson India Pvt. The issue price per equity share was set at Rs 14.80, including a premium of Rs 4.80 per share at a face value of Rs 10 per share.
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