The Board of Directors of Vodafone Idea Ltd (VIL) are going to hold a meeting on Friday (September 4) to consider and evaluate all proposals for raising funds in one or more tranches by way of a public issue, preferential allotment or private placement among other options.
The announcement comes a day after the Supreme Court on Tuesday delivered its verdict on the staggering payment of Adjusted Gross Revenue (AGR) due issue. The apex court gave a 10-year timeline to the telcos to repay their dues, with an upfront payment of 10 per cent by March 31, 2021.
The company in a regulatory filing, said, “the Board of Directors of the Company is scheduled to be held on September 4, 2020, inter-alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or by way of issue of any instruments or securities including securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed.”
“A meeting of the Board of Directors of the Company is scheduled to be held on September 4, 2020, inter-alia, to consider and evaluate any and all proposals for raising of funds,” the company said in a regulatory filing late Tuesday.
As per government’s assessment, Vodafone Idea owed a total of Rs 58,254 crore to the Department of Telecommunications, (DoT). As per the government, the operator now owes balance AGR dues of around Rs 50,399 crore.
On Wednesday, shares of Vodafone Idea rose after plunging in the previous session weighed down by the Supreme Court verdict. Around 11 a.m., its shares on the BSE were trading at Rs 9.61, higher by 8.10 per cent from its previous close.