02 July 2024

Vodafone Idea is reportedly set to raise as much as Rs24.5 billion via a preferential issue of equity shares to the local units of Nokia and Ericsson.

Vodafone Idea’s board has approved a scheme to issue around 1.6 billion equity shares – which have a face value of Rs10 each – at Rs14.80 per share to Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited.

Nokia and Ericsson will take up to Rs15.2 billion and Rs.9.38 billion worth of shares respectively, which would give them respective stakes of 1.5% and 0.9% in Vodafone Idea.