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Business Standard

VIL board meeting on Jun 22 to consider Rs 500-cr fundraising from promoter

The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the promoters of the company).

Topics
Vodafone Idea | telecom market | 5G spectrum

Press Trust of India  |  New Delhi 



vodafone idea
The move comes as the Indian telecom market is poised for 5G spectrum auction, and subsequent roll out of new-age offerings.

Vodafone Idea's Board is scheduled to meet on June 22, to consider and approve a proposal for raising funds to the tune of Rs 500 crore.

The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the promoters of the company).

"... A meeting of the Board of Directors of the company is scheduled to be held on Wednesday, 22nd June 2022... to consider proposal for raising of funds aggregating up to Rs 500 crore, by way of issuance of equity shares and / or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the promoters of the company)," VIL said in a filing to BSE on Sunday evening.

The move comes as the Indian is poised for auction, and subsequent roll out of new-age offerings.

Following the September reforms announced by the Centre, debt-ridden (VIL) had opted for converting about Rs 16,000 crore interest dues liability payable to the government, into equity. This will result in the government holding about 33 per cent stake in the company.

Sources at the (DoT) said that VIL's equity conversion proposal is in final stages, and required approvals on the same are expected as early as 7-10 days.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, June 20 2022. 15:22 IST

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