New Delhi: Vodafone Idea on Thursday said its board has approved the allotment of 338.3 crore equity shares at Rs 13.30 per scrip to three promoters group entities - Euro Pacific Securities, Prime Metals and Oriana Investments - for about Rs 4,500 crore.

The telecom operator had earlier this month announced Rs 14,500 crore fundraising plans, where promoters would inject Rs 4,500 crore.

"...the capital raising committee of the Board of Directors has, at its meeting held today...considered and approved the allotment of 3,38,34,58,645 equity shares of Rs 10 each for cash at an issue price of Rs 13.30 per equity share (including a premium of Rs 3.30 per equity share), aggregating to Rs 4,500 crore to the following allottees," Vodafone Idea said in a BSE filing.

This includes allotment of 1,96,66,35,338 equity shares to Euro Pacific Securities (promoter), 57,09,58,646 equity shares to Prime Metals (promoter), and 84,58,64,661 equity shares to Oriana Investments (promoter group).

The shareholders of the company had approved the said issuance through a special resolution passed at the extraordinary general meeting held on March 26, 2022.

"...after the above allotment of the equity shares, the paid-up equity share capital of the company stands increased to Rs 3,21,18,84,78,850 consisting of 32,11,88,47,885 equity shares of the face value of Rs 10 each," it added.

Debt-ridden telecom operator Vodafone Idea (VIL) has on March 3 informed that its board has approved raising up to Rs 14,500 crore, including Rs 4,500 crore from promoter entities -- Vodafone and Aditya Birla Group.

An amount of Rs 10,000 crore would be raised by way of equity or debt instruments, in one or more tranches, it had said.

In a regulatory filing, the company had then stated that the board has cleared issuance of up to 338.3 crore equity shares of the face value of Rs 10 each at an issue price of Rs 13.30 per equity share for an aggregate consideration of up to Rs 4,500 crore.

The fundraising comes at a time when Indian telecom operators are adding more firepower to their arsenal as the market gears up for the rollout of 5G services that will usher in ultra-high-speed and spawn new-age services and business models.

The telecom department is working to prepare the groundwork for the auction of 5G radiowaves, even as regulator Trai's recommendations on spectrum pricing and other aspects are expected shortly.

Birlas own over 27 per cent stake in VIL, while Vodafone Plc holds more than 44 per cent.

Telecom service providers, VIL in particular, had got a shot in the arm with the government last year approving a blockbuster relief package that included a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid and 100 per cent foreign investment through the automatic route.

The government also gave telcos the option to convert the interest amount pertaining to the moratorium period into equity.

Following this, Vodafone Idea has opted to pay interest dues of around Rs 16,000 crore through preferential shares.