Vodafone Idea board meeting on April 6, decision to be taken on proposal to raise Rs 20,000 crore
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New Delhi. The board of directors of debt-laden telecom company Vodafone Idea will meet on April 6 to decide on the proposal to issue equity shares or convertible securities on preferential basis. Earlier, in the extraordinary general meeting (EGM) held on April 2, the company’s shareholders had approved raising up to Rs 20,000 crore by issuing securities.
Vodafone Idea (VIL) said in the information given to the stock market, “We would like to inform you that the meeting of the Board of Directors of the company is going to be held on Saturday, April 6.” “It will consider the proposal to issue equity shares and/or convertible securities on preferential basis.” were cast in favor of the resolution related to.
The approval comes at a time when the debt-laden company is planning to raise Rs 45,000 crore through equity and debt to match the services offered by rivals Reliance Jio and Bharti Airtel and retain long-term customers. migration can be stopped.
It is noteworthy that the company had said in February this year that its board of directors has approved raising equity capital of up to Rs 20,000 crore from promoters and other investors by June. The company needs capital for 5G implementation and strengthening 4G services. Vodafone Idea has a debt of Rs 2.1 lakh crore. The company is not recovering from quarterly losses and its customers are decreasing every month.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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