Nokia, Ericsson take Rs 2,458-cr stake in VI

New Delhi: Debt-ridden telecom operator Vodafone Idea will allocate shares worth Rs 2,458 crore to vendors Nokia India and Ericsson India to clear their partial dues, a regulatory filing said on Thursday.

The board of Vodafone Idea Ltd (VIL) has cleared allotment of shares on preferential basis at about 35 per cent higher price compared to the follow-on offer price of the company and comes with a lock-in of 6 months.

“The Board of Directors of Vodafone Idea Limited today approved preferential allotment of about 166 crore equity shares of face value of Rs10 each, at an issue price of Rs14.80 per share, for an aggregate consideration of up to Rs2,458 crore, to two of its key vendors, Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited,” the filing said.