Vodafone Idea gets shareholders nod to raise authorised share capital to Rs 50,000 cr

Telecom operator Vodafone Idea has received shareholders' approval to raise its authorised share capital to Rs 50,000 crore, according to a regulatory filing by the company on Wednesday

Press Trust of India August 29, 2019 14:49:10 IST
Vodafone Idea gets shareholders nod to raise authorised share capital to Rs 50,000 cr
  • The increased authorised share capital provides headroom for the company to infuse additional funds

  • The proposal was approved by over 92 percent shareholders in the annual general meeting of the company held on Tuesday

  • The proposal to increase the share capital follows Rs 25,000 crore rights issue which led to the issue of additional shares by the company

New Delhi: Telecom operator Vodafone Idea has received shareholders' approval to raise its authorised share capital to Rs 50,000 crore, according to a regulatory filing by the company on Wednesday.

The increased authorised share capital provides headroom for the company to infuse additional funds.

Vodafone Idea gets shareholders nod to raise authorised share capital to Rs 50000 cr

Representational image. Reuters.

"The members have approved an increase in the authorised share capital of the company from existing Rs 3,02,93,00,20,000 (over Rs 30,293 crore) to Rs 5,00,00,00,00,000 (Rs 50,000 crore) by amending clause V of the memorandum of association," Vodafone Idea said in a BSE filing.

The proposal was approved by over 92 percent shareholders in the annual general meeting of the company held on Tuesday.

The proposal to increase the share capital follows Rs 25,000 crore rights issue which led to the issue of additional shares by the company.

The shareholders also approved Vodafone Idea's proposed transactions with Bharti Infratel and Indus Towers about the company's plan to monetise 11.15 percent stake in Indus Tower.

Indus Tower is in the process of merging its business with Bharti Infratel.

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