Vodafone Idea schedules a board meeting on Feb 27 to consider fundraising options. Aditya Birla Group Chairman expresses commitment and ongoing efforts to attract external investors. The telecom company reports a reduced net loss of Rs 6,986 crore in Q3 2023, with plans for fundraising highlighted for network expansion, including 5G rollout (Vodafone Idea Board Meeting).
Telecom firm Vodafone Idea (VIL) announced a board meeting on February 27 to review fundraising plans.
In a regulatory filing, VIL stated that the board will assess proposals for fund-raising through various means, such as rights issues, public offers, private placement, including preferential allotment, qualified institutions placement, or any other permissible mode or combination.
The fundraising may involve equity or debt instruments, as indicated in the BSE filing (Vodafone Idea Board Meeting). Capital may be raised through the issuance of equity shares or various instruments, including securities convertible into equity shares, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), or bonds.
This encompasses foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures, including those with warrants, which may or may not be listed.
The Board of Directors of Vodafone Idea Limited is scheduled to meet on February 27, 2024, to assess fundraising proposals (Vodafone Idea Board Meeting).
Earlier today, Aditya Birla Group Chairman Kumar Mangalam Birla affirmed the Group’s strong commitment to the financially challenged telecom company.
He highlighted ongoing efforts to attract external investors, expressing optimism about progress but refraining from specifying a timeline.
Birla emphasized the dedication to Vodafone Idea during a conference, coinciding with the launch of the Group’s decorative business.
Vodafone Idea reported a reduced net loss of Rs 6,986 crore in the December 2023 quarter, aided by a one-time exceptional gain of Rs 755.5 crore (Vodafone Idea Board Meeting).
The net loss was Rs 7,990 crore in the same period last year. Despite being burdened with debt and facing tough competition in the Indian telecom market, the company saw nearly flat revenue from operations at Rs 10,673.1 crore year-on-year.
Vodafone Idea’s average revenue per subscriber improved. CEO Akshaya Moondra mentioned ongoing efforts for fundraising to support network expansion, including the rollout of 5G, during the Q3FY24 results announcement.
