• Vodafone Idea's board to meet this week on Friday, October 21, 2022 to consider fundraising
Vodafone Idea (VI) on Tuesday informed that the company's board will meet on Friday, October 21, 2022, to consider issue of debenture securities convertible into equity shares on preferential/private placement basis to a seller Fundraising will be considered.
“We would like to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, the 21st October, 2022 to, inter alia, consider and evaluate the proposal for issue of debenture securities convertible into equity shares. for a seller on a preferential/private placement basis, subject to regulatory and other statutory approvals, as may be required, including approval of the shareholders of the company," Vodafone Idea said in an exchange filing.
Last month, reports suggested that Vodafone Idea decided against converting interest on deferment of payment of adjusted gross revenue or AGR dues of ₹8,837 crore relating to FY18 and FY19 into government-owned equity. has done.
The company had time till September 15 to decide on equity conversion, even as it awaits DoT approval to convert ₹16,000 crore AGR dues into 33% equity as of FY17, which is owned by The government will have
The carrier's board had approved a four-year moratorium on AGR dues after the government had given it the option of moratorium on payment of arrears beyond the earlier moratorium, which was part of the relief package announced in September 2021, where AGR would be Relevant amount was due. Included till FY17.
The relief package was meant for all carriers, to improve the financial health of a sector hit by high debt and low tariffs, which caused high losses and limited revenue generation.
Vodafone Idea is jointly promoted by UK-based Vodafone Group and India's Aditya Birla Group. The telecom stock is down more than 46% so far in 2022 (year-to-date or YTD).
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