Vodafone raises stake in Vodafone Idea to 47.61%

British telecom main Vodafone has raised its stake in debt-ridden Vodafone Idea Limited to 47.61 per cent by its subsidiary Prime Metals, a regulatory submitting stated on Monday.

The firm earlier held a 44.39 per cent stake in Vodafone Idea Limited (VIL).

“Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 per cent of the equity share capital, of Vodafone Idea Limited (the “Company”). PML has acquired 570,958,646 fairness shares of the corporate by allotment of fairness shares pursuant to a preferential subject of the corporate,” the submitting stated.

On Thursday, Vodafone Idea had stated that its board has authorised the allotment of 338.3 crore fairness shares at Rs 13.30 per scrip to 3 promoter group entities – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs 4,500 crore.

This contains allotment of 1,96,66,35,338 fairness shares to Euro Pacific Securities (promoter), 57,09,58,646 fairness shares to Prime Metals (promoter), and 84,58,64,661 fairness shares to Oriana Investments (promoter group).

The telecom operator in March had introduced a Rs 14,500-crore fundraising plan, the place promoters would inject Rs 4,500 crore.