Vodafone Idea board to mull fund raising on March 3

Vodafone Idea on Friday announced that the telecom company's board will meet on 3 March 2022 to consider fund raising through various modes.

In an exchange filing on Friday, Vodafone Idea said, A meeting of the board of directors of the company is scheduled to be held on Thursday, 3 March 2022, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and / or combination thereof as may be considered appropriate.

Meanwhile on Friday, Vodafone Idea announced that it sold its 4.7% stake in Indus Tower to Bharti Airtel. The sale is made on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers to clear VIL's outstanding dues.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service provider. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms.

The company reported a consolidated net loss of Rs 7,230.9 crore in Q3 FY22 as against a net loss of Rs 4,532.1 crore in Q3 FY21. Revenue for the quarter was Rs 9,720 crore, a QoQ improvement of 3.3%, aided by several tariff interventions including the recent tariff hikes taken by all operators in November 2021.

Shares of Vodafone Idea closed 6.74% higher at Rs 10.29 on BSE on Friday.

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