
Will government rescue Vodafone Idea turning as its largest shareholder?
Shares of the company jumped more than 13% in the intraday trade on Wednesday expecting a positive response from the government.
Shares of the company jumped more than 13% in the intraday trade on Wednesday expecting a positive response from the government.
The banks want the government to come in as the largest stakeholder to release ₹20,000 crore loan to VIL.
Vodafone Idea wants to complete ₹20,000 crore fundraising from the lenders and new investors before 5G auctions begin in July.
Vodafone Idea says the Department of Telecommunications has offered the company a moratorium of four years on all AGR related dues up to financial year 2018-19.
Revenue of the company rose 6.46% year-on-year to ₹10,240 crore during the quarter ended March 2022.
The deal comes with a stipulation that the proceeds shall be used to induce fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers.
Telco struggles to tide over financial crisis with tariff hike and equity capital.