Troubled telecom operator Vodafone Thought on Tuesday stated it has held a unprecedented common assembly to hunt shareholders’ approval to lift as much as Rs 20,000 crore by issuing securities. VIL, in a statutory submitting, stated that the outcomes of the voting might be intimated, individually. “An Additional-ordinary Normal Assembly of Vodafone Thought Restricted was held at this time, that’s, Tuesday, April 2, 2024, at 3.00 p.m. via Video Conferencing (VC) / Different Audio Visible Means (OAVM) in accordance with the related circulars issued by the Ministry of Company Affairs and Securities and Change Board of India,” Vodafone Thought (VIL) stated in a BSE submitting.
The agenda listed within the extraordinary common assembly (EGM) pertained to “issuance of securities as much as an mixture quantity of Rs 20,000 crore”.
It’s pertinent to say that in February this yr, the struggling telecom operator had stated its board had accredited elevating as much as Rs 20,000 crore in fairness from promoters and different traders by June, because it regarded to shore up funds for much-delayed 5G rollout and strengthening 4G providers.
The debt-laden agency, the place the federal government additionally holds simply over 33 per cent fairness stake, plans to lift Rs 45,000 crore via a mixture of fairness and debt with hopes of matching providers provided by rivals Jio and Bharti Airtel that might arrest subscriber churn.
The fundraising can even arm Vodafone Thought with firepower to enhance aggressive positioning within the Indian telecom market, the place it trails bigger rivals Reliance Jio and Bharti Airtel, by a large margin.
Vodafone Thought has been combating a determined battle for survival — it has a debt of Rs 2.1 lakh crore, is reporting quarterly losses, and is haemorrhaging subscribers month after month.
Trai information confirmed that Vodafone Thought continued to bleed on the subscriber entrance.
VIL misplaced 15.2 lakh wi-fi subscribers, and its cell subscriber base stood at 22.15 crore in January, its operational metrics a pointy distinction to subscriber good points by Jio and Airtel.
(This report has been printed as a part of an auto-generated syndicate wire feed. Aside from the headline, no modifying has been carried out within the copy by ABP Reside.)
