(Representative image)
NEW DELHI: telco operator with liquidity problems Vodafone idea on Friday it said its board has approved a fundraising plan of up to 25 billion rupees as the company tries to pay off the high debts it owes to the government.
In a regulatory filing, the company said: “We wish to inform you that the board of directors, at its meeting held today, has approved, subject to shareholder approval (where applicable) and / or other necessary regulatory / statutory approvals, the collection of However, the total fundraising will not exceed 25 billion rupees. ”
The funds will be raised through a combination of equity and debt instruments and the total fundraising will not exceed Rs 25 billion.
Fundraising can be carried out through public issuance, preferential award, private placement, qualified institutional placements or through any other permissible modality in one or more tranches, the company said.
The decision comes two days after the Supreme Court said it ordered telecoms operators to settle AGR-related fees (adjusted gross income) in installments over 10 years. The first installment of 10 percent must be paid before March 2021.
Vodafone Idea has to pay Rs 50 billion in annual installments, plus accrued interest. You have already paid a total amount of Rs 7,854 crore for AGR installments.
Vodafone Idea shares ended 4.38 percent lower at Rs 12 on the BSE. Meanwhile, it settled down 3.19 percent to Rs 12.15 on the NSE.
(With contributions from the agency)
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