Vodafone Idea to consider fund raising via a preferential issue of shares on May 16

Vodafone Idea Ltd. has informed the exchanges after market closing hours on Tuesday, May 12, that its board will meet on Saturday, May 16, to consider a fund raising proposal.

The fund raising will be done through the issue of equity shares and / or warrants on a preferential basis, the exchange filing stated.

Saturday will also be the day when the company will be considering results for the fourth quarter.

Earlier Clarification

Earlier, the company had clarified that it has not received any intimation from Vodafone Group to transfer some of its holdings to the company in the form of treasury holdings.

You can read more on that here.

Reports had earlier stated citing sources that the Vodafone Group, which still holds a 19% stake in the India entity, is planning such a move.

AGR Dues Revision

On April 30, the government's Department of Telecom had cut down on Vodafone Idea's AGR dues by 27% to ₹64,046 crore from the earlier provisional estimate of ₹87,695 crore.

CNBC-TV18 had also reported that the company is in talks to raise funds through a consortium of banks led by State Bank of India. Sources said that talks to raise ₹35,000 crore are ongoing.

Shares of Vodafone Idea recovered from the lows of the day, ending 1.6% lower at ₹11.99 on Tuesday.