Vodafone Idea gets shareholders' nod to raise share capital to ₹50,000 crore1 min read . Updated: 28 Aug 2019, 06:59 PM IST
- The proposal to raise the share capital was approved by over 92% Vodafone Idea shareholders in the annual general meeting held today
- The proposal to increase the share capital follows ₹25,000 crore rights issue which led to the issue of additional shares by the firm
New Delhi: Telecom operator Vodafone Idea has received shareholders' approval to raise its authorised share capital to ₹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.
"The members have approved increase in the authorised share capital of the company from existing ₹3,02,93,00,20,000 (over ₹30,293 crore) to ₹5,00,00,00,00,000 ( ₹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% shareholders in the annual general meeting of the company held on Tuesday.
The proposal to increase the share capital follows ₹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 company's plan to monetise 11.15% stake in Indus Tower.
Indus Tower is in the process of merging its business with Bharti Infratel.