British telecommunications company Vodafone Group PLC intends to infuse at least an additional 1.2 billion pounds ($1.5 billion) in its Indian joint venture (JV), Vodafone Idea Ltd., via a right issue.
Vodafone Idea Ltd. revealed that a rights issue worth $3.5 billion will soon take place.
Of the total $3.5 billion, Vodafone has agreed to commit an additional $1.5 billion and its joint venture partner Indian fashion to retail company Aditya Birla Group will infuse an additional $1 billion via the rights issue.
Aditya Birla and Vodafone have reserved the right to subscribe to part of the whole of the under-subscribed portion.