Vodafone Idea reduces loss to Rs 7,176 crore in July-Sept quarter
Vodafone Idea has reduced its losses to Rs 7,176 crore in the July-September quarter of the current financial year from Rs 8,738 crore in the same quarter last year.
Promoters of Vodafone Idea contributed Rs 17,920 crore to its Rs 25,000 crore rights issue compared to their commitment of Rs 18,250 crore following over-subscription of the scheme, the company said Sunday.
With this contribution, the promoters’ stake in the country’s largest telecom operator increased marginally to 71.57 per cent from 71.33 per cent.
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“The Company witnessed participation from both domestic and foreign public shareholders. The issue was oversubscribed approximately 1.08x and the public participation was approximately 1.2x. ”
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“The promoter / promoter group applied for higher than their aggregate rights entitlement in line with their earlier commitment, however, due to strong demand from public shareholders, the final allotment to the promoter / promoter group was Rs. 179.2 billion,” Vodafone Idea said in a statement.
The promoter shareholders — Vodafone Group and Aditya Birla Group — had earlier reiterated to the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore respectively, amounting to total of Rs 18,250 crore, as part of the rights issue.
“Post allotment, the total promoter / promoter group aggregate shareholding is 71.57 per cent versus 71.33 per cent as on the record date (April 2, 2019),” the statement said.
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