New Delhi: Vodafone Idea board on Tuesday approved a fund-raise of up to Rs 20,000 crore through a combination of equity and equity-linked instruments, the crisis-ridden telco said, adding promoters will also participate in the proposed equity raise.
Overall, Vodafone Idea plans to raise around Rs 45,000 crore through a mix of equity and debt, the company said.
The company has been fighting a desperate battle for survival – it has a debt of Rs 2.1 lakh crore and is reporting quarterly losses, amid massive subscriber churns.
On Tuesday, the troubled telco said its Board of Directors have approved fund-raise of up to Rs 20,000 crores via a combination of equity and/or equity-linked instruments.
The Board has also authorised the management to appoint bankers and counsels to execute the fund raise.
The company will call for a meeting of its shareholders on April 2, 2024, and…
