By Malvika Gurung
Investing.com — Shares of the beleaguered telecom company Vodafone Idea (NS:) rose 2% on Monday to Rs 10.3 apiece after it informed in a regulatory filing that the Vodafone Group (LON:) upped its stake in the Indian telco from 44.39% to 47.61%.
British telecom major Vodafone Group increased its holding in Vodafone Idea via subsidiary Prime Metals.
The company held a 7.61% stake in the Indian telco or 2,18,55,26,081 equity shares of VIL and has now acquired 570,958,646 shares of the telco via allotment of equity shares, stated VIL’s filing on Monday.
On March 31, 2022, Vi informed that its board approved raising Rs 4,500 crore from three of its promoter companies, by allotting a total of 3,38,34,58,645 or 338.3 crore equity shares to promoters Euro Pacific Securities, Prime Metals and Oriana Investments at Rs 13.3 apiece, along with a Rs 3.3/share premium.
Of the 338.3 crore company shares allotted to the three promoters, 196.66 crore shares will be issued to Euro Pacific Securities on a preferential basis, 57.09 crore shares to Prime Metals and 84.58 crore shares will be issued to Oriana Investment, of Rs 10 for cash at an issue price of Rs 13.3/share.
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