New Delhi, Feb 27 (IANS) The Board of Directors of Vodafone Idea at its meeting held on Tuesday approved a fund raise of up to Rs 20,000 crore via a combination of equity and/or equity-linked instruments.
The Board has also authorised the management to appoint various intermediaries, including bankers and counsels, to execute the fund raise, the company said in a statement.
The company will call for a meeting of its shareholders on April 2, and post-shareholder approval it expects to complete the equity fund raise in the coming quarter.
The promoters will also participate in the proposed equity raise, as committed earlier.
In addition, the company remains actively engaged with its lenders for tying-up the debt funding, which will follow the equity fund raise.
Through a combination of equity and debt, the Company plans to raise around Rs 45,000 crore. Its bank debt currently stands at less than Rs 4,500 crore. The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion.
These investments will enable the company to improve its competitive positioning and offer a better customer experience. The proposed fund raise follows a marked improvement in operating metrics. The company has managed to grow its 4G subscriber base and ARPUs consecutively for the last 10 quarters, Vodafone Idea said.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
