Vodafone Raises Stake in Vodafone Idea to 47.61 Percent

British telecom main Vodafone has raised its stake in debt-ridden Vodafone Idea Restricted to 47.61 % by way of its subsidiary Prime Metals, a regulatory submitting stated on Monday.

The corporate earlier held 44.39 % stake in Vodafone Idea Limited (VIL).

“Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 percent of the equity share capital, of Vodafone Idea Limited (the “firm”). PML has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company,” the submitting stated.

On Thursday, Vodafone Idea had stated that its board has accepted the allotment of 338.3 crore fairness shares at Rs. 13.30 per scrip to three promoter group entities – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs. 4,500 crore.

This consists of allotment of 1,96,66,35,338 fairness shares to Euro Pacific Securities (promoter), 57,09,58,646 fairness shares to Prime Metals (promoter), and 84,58,64,661 fairness shares to Oriana Investments (promoter group).

The telecom operator in March had introduced a Rs. 14,500-crore fundraising plan, the place promoters would inject Rs. 4,500 crore. 

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