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Indian telecom najor Vodafone Idea (VIL) has announced that its board will convene a meeting on February 27 to deliberate on proposals for fundraising. The company aims to explore various avenues to secure additional capital, according to a statutory filing. The board of directors will assess proposals for fundraising through methods such as rights issues, public offers, private placements, and qualified institutions placements, among others. The fundraising could involve equity or debt instruments, as stated in the filing submitted to the BSE.
The capital infusion may occur through the issuance of equity shares or other instruments like convertible securities, Global Depository Receipts, or bonds, including foreign currency convertible bonds. The company said its commitment to considering all potential options for raising funds during the upcoming board meeting.
“… The Board of Directors of Vodafone Idea Limited will be held on Tuesday that is 27 February, 2024, to consider and evaluate any and all proposals for raising of funds in one or more tranches…,” it said.
Billionaire industrialist and Chairman of Aditya Birla Group, Kumar Mangalam Birla, reiterated the group’s dedication to supporting the financially strained telecom operator. He mentioned ongoing efforts to attract external investors, although he refrained from providing a specific timeline for their involvement.
Vodafone Idea recently reported a narrowed net loss of Rs 6,986 crore for the December 2023 quarter, partly due to a one-time exceptional gain of Rs 755.5 crore. Despite challenges in the fiercely competitive Indian telecom market, the company saw an improvement in average revenue per subscriber.
The telco’s revenue from operations remained nearly unchanged at Rs 10,673.1 crore year-on-year (YoY).
Vodafone Idea CEO Akshaya Moondra highlighted ongoing discussions with various stakeholders to secure funding necessary for network expansion, including preparations for 5G rollout, during the company’s Q3FY24 results announcement.
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