Voda Idea gets board nod to raise Rs.14,500-Cr through pref shares

Vodafone Idea is looking to raise INR 14,500 crore from its promoters – UK's Vodafone Group and India's Aditya Birla Group (ABG) and external investors. The telco will raise INR 4,500 crore (USD 600 million) via a preferential share issue at INR 13.30 a share to its promoters or its related entities. Of this, the Vodafone Group's share will be INR 3,375 crore (USD 450 million), which will be paid from funds raised by the partial sale of its stake in Indus Towers.