Dec 09, 2024 08:16 AM IST
Vodafone Thought is planning to boost ₹2,000 crore to clear its money owed with Indus Towers, which will even possible assist the telco get extra debt-funding from lenders
Vodafone Thought’s board will reportedly meet on Monday, December 9, 2024 to think about elevating as much as ₹2,000 crore via fairness shares or convertible securities on a preferential foundation to clear its money owed with Indus Towers.
Vodafone Thought stated it would use the remaining proceeds in direction of a brand new difficulty of fairness shares after the board decides the phrases of capital(Reuters)
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Paying off the money owed will even possible assist the telco get extra debt-funding from lenders, in keeping with a Moneycontrol report which cited analysts. This might assist considerably increase its funds.
What in regards to the remaining funds?
Vodafone Thought stated it would use the remaining proceeds in direction of a brand new difficulty of fairness shares after the board decides the phrases of capital.
In the intervening time, the Vodafone Group holds a 22.56% stake in Vodafone Thought, with Aditya Birla Group’s stake being 14.76% and the federal government’s stake being 23.15%.
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All of this additionally comes at a time when Vodafone Thought declared that tariff hikes will occur within the close to future, though this will not be for entry degree plans, however for the upper consumption ranges.
This additionally comes at a time when the centre had authorized the waiving of a financial institution assure for telecom operators for spectrum bought earlier than 2022.
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This was a transfer which gave important reduction to Vodafone Thought which in the intervening time, owes the federal government greater than ₹24,700 crore in financial institution ensures, in keeping with the report.
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See extra Information / Enterprise / Vodafone Thought board to satisfy as we speak and determine on ₹2,000 crore fundraise