Vodafone Idea To Discuss Fundraising In Friday’s Board Meeting
Vodafone Idea to discuss fundraising in Friday’s board meeting will consider all options. Telecom operator Vodafone Idea will hold a board meeting on Friday to raise funds through various channels. This meeting will be very important for the company after the decision of the Supreme Court in the Adjusted Gross Revenue (AGR) arrears case.
The apex court has asked the telecom companies to repay the entire AGR dues in 10 years. Out of this, 10 percent will have to be paid in this financial year. The rest will have to be paid in 10 annual installments, which will start from the next financial year.
In the information given to BSE, the company said that the board meeting will consider raising funds through all possible proposals including public issue, preferential allotment, private placement. Qualified Institutions placements or other options in private placements will also be considered.
The board will also explore the possibility of raising funds through various bonds, warrants and non-convertible debentures, including convertible securities, global depository receipts, American depository receipts or foreign currency convertible bonds.
The company will also get funds from the merger deal between Indus Tower and Bharti Infratel. Vodafone Idea’s 11.15 per cent stake in Indus Tower is valued at ₹ 4040 crore. Under the deal, Vodafone Idea has to make a prepayment of Rs 2,400 crore for the merger company. In this way, Vodafone Idea will get a fund of about 1600 crore rupees.
It is noteworthy that Vodafone Idea owed Rs 58,250 crore to AGR as of 2016-17. Of this, the company has so far paid Rs 7854 crore to the Department of Telecommunications.
In the information given to BSE, the company said that the board meeting will consider raising funds through all possible proposals including public issue, preferential allotment, private placement. Qualified Institutions placements or other options in private placements will also be considered.
The board will also explore the possibility of raising funds through various bonds, warrants and non-convertible debentures, including convertible securities, global depository receipts, American depository receipts or foreign currency convertible bonds.
The company will also get funds from the merger deal between Indus Tower and Bharti Infratel. Vodafone Idea’s 11.15 percent stake in Indus Tower is valued at ₹ 4040 crores. Under the deal, Vodafone Idea has to make a prepayment of Rs 2,400 crore for the merger company.
In this way, Vodafone Idea will get a fund of about 1600 crore rupees. It is noteworthy that Vodafone Idea owed Rs 58,250 crore to AGR as of 2016-17. Of this, the company has so far paid Rs 7854 crore to the Department of Telecommunications.
