NEW DELHI: Vodafone Idea (Vi) on Friday announced that its equipment deals with vendors for the expansion of its 4G and 5G network infrastructure are in the final stages and go ahead with its plan to raise Rs 45,000 crore from the market through equity and debt.
The statement comes in light of the Supreme Court’s dismissal of the telcos’ petitions seeking a re-computation of adjusted gross revenue (AGR) dues. Following the court’s decision, Vodafone Idea is now liable to pay nearly Rs 70,000 crore in AGR to the Department of Telecommunications (DoT).
Vodafone Idea will host a conference call with its senior management on Monday to provide updates on recent developments, the company stated.
“The equipment deals with vendors for the enhancement and rollout of 4G and 5G network infrastructure is now in the final stages of discussions and Vi will close the agreements soon,” said a spokesperson of Vodafone Idea. Following the court’s ruling, shares of Vi plummeted by 20% on Thursday, reaching a 52-week low of Rs 10.33. However, on Friday, the shares closed on a positive note, ending the day on the NSE at Rs 10.52, up by 1.35%.
The telco on Friday said its next step is securing debt funding, and it is in active discussions with multiple banks. “We had shared a target of raising Rs 45,000 crore via equity and debt. We have already raised Rs 18,000 crore in India’s largest FPO and preferential issuance of equity shares worth Rs 2,080 crore to ABG entity (promoter group). .”
Company says next step is securing debt funding
The telco on Friday said its next step is securing debt funding, and it is in active discussions with multiple banks. Vodafone Idea will host a conference call with its senior management on Monday to provide updates on recent developments, the company stated.