vodafone idea stock target: VIL shareholders approve plan to raise authorised share capital to Rs 1 lakh cr

New Delhi: Debt-ridden telco Vodafone Idea shareholders have approved a proposal to raise its authorised share capital to Rs 1 lakh crore and issue equity shares on a preferential basis to promoter group firm Oriana Investments, a regulatory filing said on Thursday.

According to the scrutiniser report of the extraordinary general meeting (EGM) held on May 8, all special resolutions have been approved by the majority of the shareholders, with a minuscule percentage of voters opposing them.

“All the resolutions mentioned in the EGM Notice….stand passed with requisite majority,” the scrutiniser report said.

Vodafone Idea (VIL) has sought shareholders’ nod to raise companies authorised share capital to Rs 1 lakh crore from Rs 75,000 crore, following its recent Rs 18,000 crore follow-on offering (FPO).

The company had also sought shareholders’ nod to issue preferential shares worth Rs 2,075 crore to promoter group firm Oriana Investments Pte- an Aditya Birla Group entity.