Vodafone Idea Gets Shareholders’ Nod To Raise Share Capital To Rs 50,000 Crore
Telecom operator Vodafone Idea Ltd. has received shareholders' approval to raise its authorised share capital to Rs 50,000 crore, according to a regulatory filing by the company.
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 over Rs 30,293 crore to 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 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.