Mumbai (Maharashtra) [India], June 22 (ANI): Telecom operator Vodafone Idea said on Wednesday it will raise Rs 436.21 crore equity investment from its UK-based promoter firm Vodafone Group.

"We wish to inform you that the Board of Directors of Vodafone Idea Limited at its meeting held today i.e. 22nd June 2022, has, inter-alia, approved raising of funds aggregating upto Rs 436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) upto 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis," Vodafone Idea said in a regulatory filing to the stock exchanges.

Vodafone Idea said it will issue the equity stake to the Vodafone Group entity in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ('ICDR Regulations').

The relevant date, in terms of provision of ICDR Regulations for determining the floor price of the Preferential Issue, in either case, is June 15, 2022, the company said.

Vodafone Idea is jointly promoted by UK-based Vodafone Group and India's Aditya Birla Group.

The Board of Directors of Vodafone Idea in the meeting held on Wednesday also approved convening of an Extraordinary General Meeting of the Company on 15th July 2022, to seek approval of shareholders for the aforesaid Preferential Issue.

Share price of Vodafone Idea rose 0.71 per cent to close at Rs 8.53 on the BSE.

The company's share closed in the positive despite selloffs in the market.

The 30 stock SP BSE Sensex slumped 709.54 points or 1.35 per cent to 51,822.53 per cent against its previous day's close at 52,532.07 points.

The Sensex has slumped after two consecutive days of gains. The Sensex had gained 934.23 points or 1.81 per cent on Tuesday.

The Sensex has closed in the red for the seventh time in the past nine trading sessions. There was heavy selling pressure in the market last week. The Sensex had lost 2,943.02 points or 5.41 per cent last week. (ANI)