Usha Martin Telematics Secures 608.6 Million Shares in Vodafone Idea's Strategic Allotment

Vodafone Idea has completed a significant preferential share allotment, with Usha Martin Telematics acquiring 608.6 million shares at ₹11.28 per share, amounting to ₹686 crore. This allocation is part of Vi's larger ₹1,910 crore fundraising initiative, which includes an additional 1.08 billion shares to Omega Telecom Holdings. The strategic investment increases Usha Martin's stake from 0.13% and will help Vi clear approximately ₹890 crore in dues to Indus Towers. This capital infusion supports Vi's expansion plans, including its upcoming 5G network rollout through equipment supply deals worth $3.6 billion with global vendors.

Source: Business Standard