look news india
Vodafone Idea has received a big news. The company's board has approved the issuance of shares worth Rs 2,458 crore. The company will issue 166 crore shares at Rs 14.80 per share. Ericsson India will issue shares worth Rs 938 crore. Apart from this, shares worth Rs 1520 crore will be issued to non-promoter Nokia Solutions. The company will issue 103 crore shares to Nokia Solutions and 63.37 crore shares to Ericsson India.
The preferential allotment price will be 35 per cent higher than the FPO price, while the lock-in period will be 6 months. Promoters ABG and Vodafone will hold 37.3 per cent stake and the government will hold 23.2 per cent.
The funds raised will be used for 4G coverage and 5G launch. It is being told that after the preferential allotment, Nokia's share will be 1.5 percent and Ericsson's share will be 0.9 percent. It is in talks with lenders to raise Rs 25,000 crore through debt. According to a report, Indus Towers is also among the major sellers of the company. While the company's biggest dues are on the tower company, which is about Rs 10,000 crore.
huge debt on the company
Finland's Nokia is estimated to have a debt of Rs 3,000 crore and Sweden's Ericsson Rs 500 crore. The loss-making telecom company has currently raised Rs 20,075 crore through public share sale and preferential allotment to co-promoter Aditya Birla Group (ABG).
Performance of stocks
On Thursday, the company's shares closed at Rs 16.08 with a decline of 2.13 percent. In the last 6 months, the company's shares have seen an increase of 15.27 percent.
