New Delhi: Vodafone Idea has received a nod from its shareholders to raise its authorised share capital to Rs 50,000 crores, the company said on Wednesday. The increased share capital is expected to give the company some headroom to infuse additional funds.
"The members have approved increase in the authorised share capital of the company from existing Rs 3,02,93,00,20,000 (over Rs 30,293 crore) to Rs 5,00,00,00,00,000 (Rs 50,000 crore) by amending clause V of the memorandum of association," Vodafone Idea said in a BSE filing.
The proposal was approved by over 92 percent of the shareholders in the annual general meeting of Vodafone Idea on Tuesday. The plan comes close on the heels of a Rs 25,000-crore rights issue which led to the issue of additional shares by the company.
The shareholders also gave an approval to Vodafone Idea's proposed transaction with Bharti Infratel and Indus Towers about the company's plan to monetise 11.15 percent stake in Indus Tower.
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Indus Tower is in the process of merging with Bharti Infratel.