VIL says the board of administrators will take into account and consider all proposals for elevating of funds in a number of tranches.
The fundraising by Vodafone might be completed via fairness or debt devices
Telecom operator Vodafone Idea (VIL) on Thursday mentioned its board of administrators will meet on February 27 to take into account fundraising proposals, via fairness or debt devices.
In a statutory submitting, VIL mentioned the board of administrators will take into account and consider all proposals for “raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination”.
The buying and selling window for dealing in securities of the Company shall be closed from Friday, February 23, 2024, until Thursday, February 29, 2024, (each days inclusive), it mentioned.
The fundraising might be via fairness or debt devices, the BSE submitting mentioned.
The capital elevate might be by means of concern of fairness shares or by means of any devices together with “securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed”.
“… 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 mentioned.
Earlier at the moment, Billionaire industrialist and Aditya Birla Group chairman Kumar Mangalam Birla had underlined the Group’s agency dedication to the money-strapped telco and asserted that efforts are on to rope in exterior traders.
During the third quarter ended December 2023, Vodafone Idea (VIL) reported narrowing of losses to Rs 6,986 crore. The losses had stood at Rs 7,990 crore a 12 months in the past.
During the quarter beneath overview, the income from operations for the ailing telco got here in at Rs 10,673.1 crore, almost flat over the corresponding interval earlier 12 months.
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