Vi Shareholders Approve Rs 4730 Crore Investment from Birla

Vodafone Idea Gets INR 4,730 Crore Boost from Aditya Birla

On June 11th, Kumar Mangalam Birla, Vodafone Idea non-executive chairman, tried to assuage investor fears on the revival chances of the telecom company. This means that the firm has successfully navigated a very challenging period. Shareholders authorised an investment of INR 4,730 crore from the Aditya Birla Group through a preferential allocation of warrants at an extraordinary general meeting (EGM), coinciding with Birla's statement. Its turn…

Vi Shareholders Approve Rs 4730 Crore Investment from Birla

Vodafone Idea Limited (VIL), the third-largest telecom operator in India, received the shareholders approval for raising Rs 4730 crore. This money will be invested by the Aditya Birla Group (ABG) owned entity. Shares of Vodafone Idea will be offered to the ABG on a preferential allotment basis. This was approved by the shareholders at an extraordinary general meeting (AGM) on Thursday. Post the investment, ABG’s piece in Vodafone Idea will grow …