Telecom operator Vodafone Idea (VIL) on Thursday said its board of directors will meet on February 27 to consider fundraising proposals, through equity or debt instruments.
In a statutory filing, VIL said the board of directors will consider and evaluate all proposals for “raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination”.
The trading window for dealing in securities of the Company shall be closed from Friday, February 23, 2024, till Thursday, February 29, 2024, (both days inclusive), it said.
The fundraising could be through equity or debt instruments, the BSE filing said.
The capital raise could be by way of issue of equity shares or by way of any instruments including “securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed”.
“… The Board of Directors of Vodafone Idea Limited will be held on Tuesday that is 27 February, 2024, to consider and evaluate any and all proposals for raising of funds in one or more tranches…,” it said.
Earlier today, Billionaire industrialist and Aditya Birla Group chairman Kumar Mangalam Birla had underlined the Group’s firm commitment to the cash-strapped telco and asserted that efforts are on to rope in external investors.
During the third quarter ended December 2023, Vodafone Idea (VIL) reported narrowing of losses to Rs 6,986 crore. The losses had stood at Rs 7,990 crore a year ago.
During the quarter under review, the revenue from operations for the ailing telco came in at Rs 10,673.1 crore, nearly flat over the corresponding period previous year.
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