Vodafone Idea board approves equity fund raise of up to ₹20,000 crore

The Board of Directors of Vodafone Idea Ltd (VIL) approved a fund raise of up to ₹20,000 crore via a combination of equity or equity-linked instruments, the telecom firm informed exchanges on Tuesday, February 27.

VIL also added that the company remains actively engaged with its lenders for tying up the debt funding, which will follow the equity fundraise. It aims to raise around ₹45,000 crore through a combination of equity and debt. VIL's bank debt currently stands at less than ₹4,500 crore.

"The Board of Directors of the Company, at its meeting held today (i.e. February 27, 2024) has... approved raising of funds by way of issue of Equity Shares or by way of issue of any instrument or security... for an aggregate amount of up to ₹20,000 crores by way of a further public offer, private placement including preferential issue, qualified institutions placement, or through any other permissible mode or any combination thereof and in one or more tranches," the company said in an exchange filing.