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Vodafone Idea Ltd board approves terms of rights issue

Posted On: 2019-03-20 12:36:15

At the meeting of the Board of Directors of Vodafone Idea Ltd held on January 23, 2019 approving the offer and issue of fully paid-up and/or partly paid-up equity shares of the Company and/or other equity linked instruments by way of a rights issue to the eligible shareholders of the Company as on the record date for an amount aggregating up to Rs. 25,000 crore in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws. The Board of Directors, at its meeting held on March 20, 2019, has approved the following terms for the rights issue as under:

Instrument: equity shares of face value of Rs.10 each ("Equity Shares")

Issue Size: aggregating upto Rs. 25,000 crore

Issue Price: Rs. 12.50 per Equity Share (including a premium of Rs. 2.50 per Equity Share)

Rights Entitlement Ratio: 87 Equity Shares for every 38 Equity Shares held by the eligible shareholders of the Company on the record date (together, the "Issue").

The Board of Directors also fixed the record date for the purpose of determining the shareholders who will be eligible to apply for the Issue as 2nd April, 2019.

The Board of Directors also approved the following schedule for the Issue:

- Issue Opening Date: 10th April, 2019; and
- Issue Closing Date: 24th April, 2019.

The meeting of the Board of Directors commenced at 10:10 a.m. and completed at 11 .40 a.m.

Shares of Vodafone Idea Ltd was last trading in BSE at Rs.32 as compared to the previous close of Rs. 32.2. The total number of shares traded during the day was 1900937 in over 2559 trades.

The stock hit an intraday high of Rs. 32.55 and intraday low of 31.25. The net turnover during the day was Rs. 60655301.


Source: Equity Bulls

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