Vodafone Idea tumbles 7% on right issue of Rs 25,000 cr

The board also fixed April 2 as the record date for the purpose of determining the shareholders who will be eligible to apply for the issue

The share price of Vodafone Idea tumbled  7 percent intraday on March 20 after company board approved rights issue of Rs 25,000 crore.

The board in its meeting held on March 20 approved to issue equity shares with a face value of Rs 10 at Rs 12.50 per equity share as rights issue aggregating up to Rs 25,000 crore, as per company release on BSE.

The board also fixed April 2 as the record date for the purpose of determining the shareholders who will be eligible to apply for the issue

The rights issue entitlement ratio is 87 shares for every 38 shares held by the eligible shareholders of the company on the record date.

The issue will open on April 10 and will close on April 24, 2019.

At 1231 hours Vodafone Idea Limited was quoting at Rs 30.45, down Rs 1.55, or 4.84 percent on the BSE.

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