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Vodafone Idea prices 250B-rupee rights issue

Vodafone Idea Ltd. will issue 20 billion fully paid up equity shares at a price of 12.5 Indian rupees apiece, for an amount aggregating up to 250 billion rupees, by way of a rights issue to eligible shareholders.

The telco's board earlier approved the offer and issue of fully paid-up and/or partly-paid up equity shares of the company and/or other securities convertible into equity shares of the company on Jan. 23.

As part of the fundraising plan, promoter shareholders, U.K.-based Vodafone Group PLC and India's Aditya Birla Management Corp. Pvt. Ltd. will also participate with up to 110 billion rupees and 72.5 billion rupees respectively, according to a March 20 press release.

Vodafone said existing shareholders will be able to buy 87 shares for 38 shares held. The issue will open on April 10 and will close on April 24.

Vodafone will use the proceeds from the rights issue to make investments and achieve its strategic goals.

As of March 20, US$1 was equivalent to 68.79 Indian rupees.