Vodafone Idea promoters have received market regulator SEBI’s approval to exceed 75 per cent shareholding post rights issue with the condition that it will have to brought under that level within a year. The issue will open on April 10 and will close on April 24.
The company had sought the approval to guard against a possibility of a shortfall in participation by minority shareholders. The company has got the SEBI’s nod for this and the time frame to bring promoters’ shareholding back under 75 per cent is 12 months, sources said.
Meanwhile, shareholders will be able to buy 87 shares for every 38 shares held for an issue price of Rs 12.50 apiece, Vodafone Idea said in a statement. That will be around 60 per cent discount to the current share prices.
Vodafone Idea, the country’s largest telecom operator, on Wednesday said its board has approved raising of up to Rs 25,000 crore through rights issue.