The board of Vodafone Idea Ltd., Aditya Birla Group's telecom service provider, will meet on February 27 to consider fund raising proposals, it said in an exchange filing.
Proposals for fund raising could be considered via a rights issue, a further public offer, private placement including a preferential allotment, a QIP or any other permissible mode or a combination there off.
Options to raise funds via Global or American Depository Receipts, or bonds including foreign currency convertible bonds, convertible debentures, warrants are also on the anvil, the company said.
Aditya Birla Group Chairman Kumar Mangalam Birla said on Thursday that they are on the look out for new investors for Vodafone Idea. Birla made these remarks at the launch of Grasim's paints business. You can read more on that here.
The stock had surged towards the end of 2023 in anticipation of equity infusion by the company's promoters.
Vodafone Idea's management in October 2023 had mentioned that the promised promoter funding commitment of ₹2,000 crore should close in the current December quarter. During the June quarter results, the company mentioned that the promoter group entity will provide direct or indirect financial support to the extent of ₹2,000 crore.
Although the management has repeatedly reiterated that fundraising talks have gathered pace, there has been no clarity on when the promoter fund infusion or any external fundraising is likely to materialise.
For the month of December, Vodafone Idea lost 13.7 lakh users, compared to the 10.7 lakh it lost in November, according to the recent TRAI data.
Shares of Vodafone Idea had ended 6% higher on Thursday at ₹16.27.
First Published: Feb 22, 2024 4:20 PM IST
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