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New Delhi: Shareholders of telecom company Vodafone Idea (Vi) have voted in favour of its proposal to raise Rs 20,000 crore through equity and equity-linked instruments. The results of the extraordinary general meeting (EGM) were announced on Wednesday.
With shareholders’ approval in place, the company expects to complete the equity fund raise in the coming quarter. Promoters of the company will also participate in this round, as previously announced.
On February 27, Vi announced that the company’s Board of Directors has approved the equity financing plan.
These could be through convertible debentures, warrants, or other securities convertible into Equity Shares, Global Depository Receipts, American Depository Receipts or Foreign Currency Convertible Bonds.
The EGM was conducted on April 2 to approve the same through audio-visual medium where shareholders can participate to pass the resolutions of the company. These resolutions have not been made public yet.
Besides, Vi is also looking to engage with its lenders for tying-up the debt funding, which will follow the equity fund raise. Through a combination of equity and debt, the Company plans to raise around Rs. 45,000 crores.
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