Vodafone Idea to Issue Shares Worth Rs 2458 Crore to Ericsson India and Nokia Solutions
Vodafone Idea approves preferential allotment of shares to Ericsson India and Nokia Solutions, worth Rs 2458 crore.
Vodafone IdeaEricsson IndiaNokia SolutionsTelecomIndiaReal EstateJun 14, 2024
The transaction involves the issuance of up to 166.08 crore fully paid-up equity shares of face value of Rs 10 each in one or more tranches. Of this, up to 102.70 crore equity shares will be issued to Nokia Solutions and Networks India Private Limited, a non-promoter of the company, at an issue price of Rs 14.80 per equity share, amounting to Rs 1520 crore.
Ericsson India Private Limited, a non-promoter, will be issued up to 63.37 crore equity shares of face value of Rs 10 each at an issue price of Rs 14.80 per equity share, amounting to Rs 938 crore.
The board has also approved the convening of an extraordinary general meeting of the company on July 10, 2024, to approve the above matters.
Nokia and Ericsson both have a long-term partnership with VIL, as key suppliers of network equipment, and this preferential allotment will enable VIL to clear part of their outstanding dues. It further bolsters VIL's capex rollout for building a top-quality 4G and 5G network to contribute towards India's digital transformation.
Vodafone Idea Limited (VIL) is an Indian telecom operator that provides a range of services, including voice, data, and digital services. The company is a merger of Vodafone India and Idea Cellular.
Nokia Solutions and Networks India Private Limited is a leading provider of network infrastructure and services.
Ericsson India Private Limited is a leading provider of network infrastructure and services.
Vodafone Idea Limited is a leading Indian telecom operator that provides a range of services, including voice, data, and digital services. The company is a merger of Vodafone India and Idea Cellular.
Nokia Solutions and Networks India Private Limited is a leading provider of network infrastructure and services.
Ericsson India Private Limited is a leading provider of network infrastructure and services.
Frequently Asked Questions
What is the value of shares to be issued by Vodafone Idea?
The value of shares to be issued by Vodafone Idea is up to Rs 2458 crore.
Who are the recipients of the shares?
The recipients of the shares are Ericsson India and Nokia Solutions and Networks India.
What is the purpose of the preferential allotment?
The preferential allotment will enable VIL to clear part of their outstanding dues and further bolster their capex rollout for building a top-quality 4G and 5G network.
What is the shareholding of Nokia and Ericsson in VIL after the preferential allotment?
The shareholding of Nokia and Ericsson in VIL will be 1.5% and 0.9% respectively after the preferential allotment.
What is the current share price of Vodafone Idea?
The current share price of Vodafone Idea is Rs 16.07 on BSE.
Related News Articles
Navi Mumbai Surges Ahead with 23% Sales Growth in 2024, Outpacing Greater Mumbai and Thane
A recent report from Anarock Property Consultants highlights a dramatic 23% increase in apartment sales in Navi Mumbai, while Greater Mumbai and Thane experienced declines in 2024. The study also notes a reduction in new supply across the regions, particu
Sanjay Raut Alleges Tensions Between Fadnavis and Shinde Affecting Maharashtra's Progress
Shiv Sena (UBT) MP Sanjay Raut claims that the strained relationship between Chief Minister Devendra Fadnavis and Deputy CM Eknath Shinde is hindering the state's progress. Raut writes that the lack of communication between the two leaders is turning thei
AT&T Secures $850 Million in Sale-Leaseback Deal with Reign Capital
AT&T has sealed a significant $850 million sale-leaseback deal with Reign Capital, a move that underscores the company's strategic focus on optimizing its real estate portfolio. This transaction not only provides AT&T with immediate financial benefits but
Short-Term Leasing in Mumbai: Is it Possible to Rent a Property for 2-6 Months?
While Mumbai's real estate market typically favors long-term leases, property owners can rent out their properties for shorter durations, albeit at a premium rate.
The Shocking Murder of Baba Siddique: A Detailed Unfolding of Events
The murder of NCP leader Baba Siddique sent shockwaves through Mumbai, with the police investigating multiple angles, including ties to the Lawrence Bishnoi gang. The attackers' initial plan to use pepper spray went awry, leading to a deadly outcome.
The Growth of Managed Office Spaces in Pune: A Hub for Flexibility and Expansion
Pune, 25 November 2024: The Indian office market has seen a significant shift towards managed office spaces in Pune, offering flexibility and growth opportunities for businesses of all sizes.