Work on fund raising plan for VIL's rejuvenation continues, Vodafone preparing to invest Rs 3375 crore

Work on fund raising plan for VIL’s rejuvenation continues, Vodafone preparing to invest Rs 3375 crore

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new Delhi . The promoters of the company are constantly making efforts to get the telecom company Vodafone Idea Limited (VIL) out of debt. Various measures are being taken for the rejuvenation of the company. Now the promoter of the company Vodafone is planning to put Rs 3,375 crore in it.

According to the information given to the stock market on Friday, apart from Vodafone, partner Aditya Birla Group is also planning to infuse Rs 1,125 crore in debt-laden VIL. The telecom company will try to get shareholders’ approval on the proposal to raise finance of Rs 14,500 crore. Apart from this, a proposal to increase the authorized share capital of the company to Rs 75,000 crore will also be placed in the extraordinary general meeting.

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fund raising plan
The board of directors of VIL has approved the proposal to raise finance. In this, apart from raising Rs 4,500 crore from Vodafone and Aditya Birla, it has been said to raise Rs 10,000 crore through equity or debt means.

Last week, Vodafone Group raised around Rs 1,442 crore by selling a 2.4% stake in Indus Towers through a block deal. Bharti Airtel has also decided to acquire an additional 4.7% stake in Indus Towers from Vodafone Group. Both the companies have signed the agreement on the condition that Vodafone will use this proceeds to invest in Vodafone Idea (VI) and later pay Indus Towers.

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Fund raising plan of Rs 14,500 crore approved
Vodafone Idea’s board on Thursday approved a fund raising plan of Rs 14,500 crore. 10,000 crore will be raised through equity and debt instruments. Whereas the company will issue 3.39 billion shares to its promoters Euro Pacific Securities Limited, Prime Metals Limited and Oriana Investments at a 20% premium at Rs 13.30. 4500 crores will be raised from this.

Company in debt trap
Vodafone Idea has reported a consolidated net loss of Rs 7,230.9 crore in Q3FY22 as against a net loss of Rs 4,532.1 crore in Q3FY21. Quarter on quarter revenue improved by 3.3% to Rs 9,720 crore. The reason for the improvement in revenue was the tariff hike made in November 2021.

Tags: business news, Idea, Telecom business, Vodafone, Vodafone Idea Merger

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