Vodafone Idea Ltd’s board has approved a fundraising plan to secure up to Rs 20,000 crore through a combination of equity and/or equity-linked instruments, as detailed in a stock exchange filing on February 27.
The company is actively engaged with lenders and anticipates completing the equity fundraising within the next quarter. The founders and promoters are set to participate in the fundraise, aiming to raise a total of Rs 45,000 crore through a mix of equity and debt.
Vodafone Idea’s shares experienced a 4.45 percent decline, closing at Rs 16.1 on the National Stock Exchange on February 27, following a 4 percent gain in the preceding five sessions.
This strategic move underscores Vodafone Idea’s proactive approach to fortify its financial standing, demonstrating confidence from internal stakeholders and lenders alike. The combination of equity and debt in the fundraising strategy reflects a comprehensive effort to enhance the telecom company’s capital structure amidst the competitive telecommunications landscape. Investors will closely monitor developments as the company progresses with its financial plans in this dynamic sector.
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