Vodafone Idea repays Rs 2,850 crore to NCD holders on maturity

Vodafone Idea has repaid Rs 2,850 crore to its non convertible debenture (NCD) holders on maturity, a company executive said.

The payout was made to mutual fund schemes of Franklin Templeton, UTI and Nippon, which had exposure to debt paper of the troubled telecom company.

Rating agencies had downgraded Vodafone Idea’s NCDs three months ago anticipating limited relief from the Supreme Court in adjusted gross revenue case. The telecom firm has Rs 46,000 crore of AGR dues, and it has said its ability to continue operations depends on a favourable outcome in the matter.

The six schemes of Franklin Templeton Mutual Fund (MF), which were wound up, received payments of Rs 1,252 crore.

Apart from FT MF, UTI MF and Nippon MF also received the payments.