FundingVodafone Idea Board Clears ₹2,075 Crore Preferential Issue to Aditya Birla Group
The board of telecom operator Vodafone Idea has approved raising ₹2,075 crore from promoter Aditya Birla Group through a preferential share issue. Announced on April 7, 2024, the capital infusion forms a crucial part of the company's broader plan to raise ₹20,000 crore to support operations and slash its debt burden. The board also cleared a proposal to increase authorized share capital to ₹1 lakh crore. Vodafone Idea plans to deploy these funds to clear vendor dues, significantly upgrade its 4G network infrastructure, and prepare for the commercial rollout of its 5G services across India.
Apr 7 · Indianweb2.com