March 13, 2025 10:10 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'People are going to Russia right now as we speak: Donald Trump on Ukraine war ceasefire talks | Pakistani army claims to have freed all hostages in passenger train siege; 28 personnel killed | Hyderabad Police arrest 2 women journalists for 'abusive' posts against Revanth Reddy; BRS protests | Pakistan Army secures release of 155 passengers from hijacked Jaffar Express, 27 BLA rebels killed | After Airtel, now Reliance Jio inks deal with SpaceX to bring Starlink internet to India | Muslims in Bengal over 40 percent now, will contest in all seats next year: AIMIM | BJP will throw TMC's Muslim MLAs out of assembly after winning 2026 elections: Suvendu Adhikari | Donald Trump buys new Tesla in support for Elon Musk, says billionaire was treated badly | Hope Putin agrees: Donald Trump after Ukraine concurs to ceasefire with Russia | Ukraine agrees to proposal for a 30-day general ceasefire with Russia, US to resume military aid
Telecom

Vodafone Idea to raise Rs 20,000 cr via equity

| @indiablooms | Feb 28, 2024, at 04:34 am

Mumbai: Vodafone Idea Ltd is poised to raise Rs 20,000 crore through a combination of equity and equity-linked instruments following approval from the company's board, media reports said.

In an official statement filed with the exchange, the company stated, "The Board has also authorised the management to appoint various intermediaries, including bankers and counsels to execute the fund raise."

To secure approval for the fundraising endeavour, the telecom firm intends to convene an extraordinary general meeting with its shareholders on April 2nd.

If shareholders grant approval, the company plans to conclude the equity fundraising in the forthcoming quarter.

Vodafone Idea has reaffirmed that the promoters are committed to participating in the equity raise, as previously pledged.

In addition to the fundraising initiative, Vodafone Idea is collaborating with its lenders to secure debt funding, which will complement the equity fundraising.

By combining these efforts, the financially challenged operator aims to accumulate approximately Rs 45,000 crore.

At present, Vodafone Idea's bank debt is relatively limited, amounting to less than Rs 4,500 crore.

"The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion. These investments will enable the company to improve its competitive positioning and offer an even better customer experience," the company stated, explaining the purpose behind the fundraising.

As of the end of December, Vodafone Idea's total debt stood at Rs 2.15 lakh crore, including deferred spectrum payment obligations, AGR liabilities to the government, optionally convertible debentures, and dues to banks and financial institutions.

Despite encountering financial hurdles, Vodafone Idea has shown consistent growth in its 4G subscriber base and average revenue per user (ARPU) over the past 10 quarters.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm