Last Updated: July 16, 2022, 12:29 IST
As per voting outcomes submitted to the inventory exchanges on Friday night, 99.94 per cent of Vodafone Idea (VIL) shareholders permitted allocation of the fairness
Debtridden telecom operator Vodafone Idea’s shareholders have permitted fairness allocation price Rs 436.21 crore to its promoter entity, the Vodafone Group.
New Delhi: Debt-ridden telecom operator Vodafone Idea’s shareholders have permitted fairness allocation price Rs 436.21 crore to its promoter entity, the Vodafone Group.
As per voting outcomes submitted to the inventory exchanges on Friday night, 99.94 per cent of Vodafone Idea (VIL) shareholders permitted allocation of the fairness to Vodafone Group agency Euro Pacific Securities.
Vodafone Group at current holds 58.46 per cent stake within the firm and Aditya Birla Group 16.53 per cent. The firm had raised Rs 3,375 crore from Vodafone Group and Rs 1,125 crore from Aditya Birla Group in March. VIL has been making an attempt to increase funds within the vary of Rs 20,000-25,000 crore from exterior sources because the final two years however has failed to entice any investor.
The authorities introduced a reform package deal in September final 12 months which has largely benefited Vodafone Idea. The authorities has allowed VIL to convert round Rs 16,100 crore curiosity dues into about 33 per cent stake within the firm to present liquidity for funding within the enterprise.
Still, analysts have stated excessive leverage and weak stability sheet have impaired the corporate’s capability to spend money on the community. As on March 31, 2022, the whole debt (together with curiosity accrued however not due) of the group was Rs 1,97,878.2 crore. The firm has round Rs 8,160 crore of funds due over the subsequent 12 month, as per analysts.
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