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Vodafone Idea promoters infuse Rs 17,920 cr into the company

Shares of Vodafone Idea surged over six per cent in the morning trade

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MUMBAI: The promoters of Vodafone Idea Ltd have infused Rs 17,920 crore into the company via the Rs 25000-crore rights issue. Shares of Vodafone Idea surged over six per cent in morning trade on Monday, 6 May, following the allotment.

“The promoter / promoter group applied for higher than their aggregate rights entitlement in line with their earlier commitment. However, due to strong demand from public shareholders, the final allotment to the promoter / promoter group was Rs 179.2 billion (Rs 0.9 billion over their aggregate rights entitlement). Post allotment, the total promoter / promoter group aggregate shareholding is 71.57% versus 71.33%," Vodafone Idea said in a statement.

Vodafone Idea CEO Balesh Sharma said the successful closure of rights issue is a clear indication of the investors’ belief in their post-merger strategy and ability to leverage the growth opportunities offered by the sector. He also added that they are progressing well on integration and are well on track to deliver synergy targets.

“Our ongoing investments are improving broadband coverage and capacity, enabling us to offer a superior network experience to our customers as well as enhancing our ability to win new broadband customers,” Sharma added.

Vodafone Idea Ltd's rights issue had opened on 10 April and closed on 24 April which was over-subscribed by a little over 100 per cent and had crossed Rs 25,000 crore in value terms. Both existing shareholders and other investors showed strong support to the rights issue.

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