Vodafone Idea gets shareholders' approval to raise share capital to Rs 50,000 cr

Mumbai: Telecom companies Vodafone Idea has received shareholders' nod to raise its authorised share capital to Rs 50,000 crore. With the increase in authorised share capital, the way to put additional funds in the company will be clear. In a information, Vodafone Idea told to BSE, "Members have approved an increase in the company's authorised share capital from the existing Rs 3,02,93,00,20,000 (over Rs 30,293 crore) to Rs 5,00,00,00,00,000 (Rs 50,000 crore) by amending clause V of the Memorandum of Association.

The proposal was approved by more than 92 percent shareholders at the company's annual general meeting held on Tuesday. The proposal to raise the share capital is of a rights issue of Rs 25,000 crore, due to which additional shares were issued by the company. Shareholders also approved Vodafone Idea's proposed transaction with Bharti Infratel and Indus Towers, the company's plan to monetize 11.15 per cent participation in The Indus Tower. Indus Tower is in the process of merging its business with Bharti Infratel.

The two companies were in a bad shape after Jio entered the market. The two companies then decided to merge.

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