Vodafone Idea's board to finalise fund raising plan on Friday
Oct 20, 2022, 18:21 IST
Debt-ridden telecom company Vodafone Idea's board will meet on Friday to finalise plans for raising funds.
Vodafone Idea has informed the Bombay Stock Exchange (BSE) that its board will meet on October 21 to consider a proposal to raise funds through the issuance of convertible debentures.
"Vodafone Idea Ltd has informed the BSE that the meeting of the Board of Directors of the company is scheduled on October 21, to consider and approve a proposal for issuance of debenture securities convertible into equity shares on a preferential or private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including shareholders' approval," the company said in a notice to the BSE.
Vodafone Idea has been trying to raise funds for a long time but has not succeeded.
It may try and raise funds through the issuance of convertible debentures through private placement to a vendor.
Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and also Rs 2,400 crore to ATC.
Indus Towers is said to have asked Vodafone Idea to clear its outstanding dues and pay every month on time for the continuity of business post-November 2022.
SEE ALSO:
Bajaj Finance net profit zooms 88% YoY to ₹2,781 crore, asset quality sees improvement
Did you know 274 vehicles are stolen every day? See which cities have most thefts
Advertisement
Vodafone Idea has informed the Bombay Stock Exchange (BSE) that its board will meet on October 21 to consider a proposal to raise funds through the issuance of convertible debentures.
"Vodafone Idea Ltd has informed the BSE that the meeting of the Board of Directors of the company is scheduled on October 21, to consider and approve a proposal for issuance of debenture securities convertible into equity shares on a preferential or private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including shareholders' approval," the company said in a notice to the BSE.
Vodafone Idea has been trying to raise funds for a long time but has not succeeded.
It may try and raise funds through the issuance of convertible debentures through private placement to a vendor.
Advertisement
Indus Towers is said to have asked Vodafone Idea to clear its outstanding dues and pay every month on time for the continuity of business post-November 2022.
SEE ALSO:
Bajaj Finance net profit zooms 88% YoY to ₹2,781 crore, asset quality sees improvement
Did you know 274 vehicles are stolen every day? See which cities have most thefts