Vodafone Idea stock target: VIL shareholders have approved plan to increase authorized share capital to Rs 1 lakh cr.

New Delhi: Debt-laden telecom company Vodafone Idea shareholders have approved a proposal to increase its authorized share capital to Rs 1000 crore and issue shares on a preferential basis to its promoter group company Oriana Investments, a regulatory filing said on Thursday.

According to the scrutiny report of the Extraordinary General Meeting of Shareholders (EGM) held on May 8, all special resolutions were passed with the approval of a majority of shareholders, with only a very small number of votes against.

“All resolutions mentioned in the EGM notice were passed with the required majority,” the probe report said.

Vodafone Idea (VIL) has sought shareholders’ consent to increase the company’s authorized share capital from Rs 75,000 crore to Rs 1 billion, following its recent Rs 18,000-crore follow-on public offering (FPO).

The company also sought shareholders’ consent to issue preference shares worth Rs 2,075 crore to promoter group company Oriana Investments Pte-an Aditya Birla Group entity.