Vodafone Raises Stake in Vodafone Idea to 47.61 Percent

British telecom major Vodafone has raised its stake in debt-ridden Vodafone Idea Limited to 47.61 percent through its subsidiary Prime Metals, a regulatory filing said on Monday.

The company earlier held 44.39 percent stake in Vodafone Idea Limited (VIL).

“Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 percent of the equity share capital, of Vodafone Idea Limited (the “company”). PML has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company,” the filing said.

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

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

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

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