New Delhi: Telecom operator Vodafone Idea on Friday said its board of directors has approved plans to raise up to Rs 25,000 crore.
The funds will be raised through a combination of equity and debt instruments and the total fund-raising will not exceed Rs 25,000 crore, the company said in a regulatory filing.
It also mentioned, "issuance of unsecured and/or secured, non-convertible debentures up to an aggregate amount of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches".
The fund-raising plans are subject to shareholders' nod and other stipulated approvals.
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The crucial decision comes just days after the Supreme Court directed all telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting from next fiscal year.
The fund-raising will throw a potential lifeline to the cash-strapped telco, which suffered massive losses, has been losing subscribers and ARPUs, and facing outstanding AGR dues of about Rs 50,000 crore.
(PTI Report)
