|
|
|
Vodafone Idea expects Rs 25k cr rights issues to be fully subscribed
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 23 Apr, 2019
Vodafone Idea on Tuesday said that it expects the Rs 25,000 crore rights
issue, which closes on Wednesday, to be fully subscribed.
"Our
interactions with the investors suggest that there is a strong demand
for the rights issue. Axiata's renunciation has been taken up fully with
strong demand. Hence, we have good reason to believe that the issue
will be fully subscribed," Akshaya Moondra, Chief Financial Officer
(CFO), Vodafone Idea, told IANS.
The Vodafone Idea rights issue
entitlement worth about Rs 2,000 crore renounced by the Malaysia-based
Axiata Group was fully subscribed by both new and existing investors.
Axiata held 71.2 crore shares, and in the ongoing rights issue it was
entitled to subscribe 163 crore shares worth about Rs 2,000 crore.
The
Malaysian firm held 8.1 per cent stake in Vodafone Idea before the Rs
25,000 crore rights issue started on April 10. The stake has come down
to 2 per cent post renunciation.
The company issued up to 20
billion fully paid-up equity shares of Rs 10 face value at a price of Rs
12.50 per share for the rights issue.
Both the promoter groups
(Vodafone and Aditya Birla) have confirmed their participation of up to
Rs 11,000 crore and Rs 7,250 crore, respectively, in the rights issue.
In
case the rights issue is under-subscribed, the promoters reserve the
right to subscribe part or the whole amount of the unsubscribed portion,
the company had said.
The Vodafone Idea rights issue is one of
the largest in recent times by any company. The issue is keenly watched
by the industry as the telecom sector is in the grip of low
profitability and losses with promoters' contributions to the telecom
companies being seen as a major source of funding for survival.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|