The board of directors of VIL approved a preferential allotment of 1.66 billion equity shares at Rs 14.80 per share to Finlands Nokia and Swedens Ericsson, for a total of up to Rs 2,458 crore, the company said in a statement Thursday. Nokia will invest up to Rs 1,520 crore and Ericsson up to Rs 938 crore. The issue price is 35% higher than that in the April follow-on offer (FPO) of Rs 11 a share and comes with a lock-in period of six months.
Vi Prefers Stock as Payment for Nokia and Ericsson Bills indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Vodafone Idea: Vi’s net loss for the fiscal fourth quarter widened to Rs 7,675 crore from Rs 6,986 crore in the preceding quarter as the stressed telco continued to be dragged by high debt and continuing customer losses to bigger rivals Reliance Jio and Bharti Airtel.
Vodafone Idea Stock: Vi's net loss for the fiscal fourth quarter expanded to Rs 7,675 crore, up from Rs 6,986 crore in the previous quarter. The telecom company faces challenges from high debt and ongoing customer losses to competitors like Reliance Jio and Bharti Airtel.
Vodafone Ideas net loss for the fiscal fourth quarter, FY24, widened sequentially to Rs 7,675 crore, dragged by high debt and even as it continued to lose subscribers.
Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are pleased to report annual revenue and EBITDA growth for the second consecutive year on the back of consistently improving performance for last several quarters despite significantly lower investments; a clear reflection of our execution capabilities."
Vodafone Idea to launch more retail outlets in FY25 to enhance market presence, says COO, ET Telecom indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Aditya Birla Group (ABG) chairman Kumar Mangalam Birla on Thursday said Vodafone Idea (Vi) is a national asset and its successful ₹18,000 crore follow-on public offer (FPO) sets the stage for the cash-strapped telcos financial turnaround and start of Vi 2.0.
“The only position which Vodafone Group has taken and that is because of their own shareholders who have said that please ringfence the Indian operations with Indian assets. So, their source of funding is limited to their stake in Indus and generally if one has to look at monetization of Indus, then they would want Indus to get to its fair value. It has actually re-rated quite a lot.”
Vodafone Idea was formed by the merger of Aditya Birla Groups Idea Cellular and the India unit of Vodafone Plc in 2018. The board also approved an increase in authorised share capital to Rs 1 lakh crore from Rs 75,000 crore.