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Vodafone Idea: Aditya Birla Group is busy preparing to rescue Vodafone Idea, a telecom sector company steeped in heavy debt. The company is in discussion to raise funds from banks at the global level. These funds will be used to reduce the company’s debt and there is a plan to put the rest of the money into equity.
According to a report in Economics Times, after the decision of the Government of India to convert the outstanding amount of Rs 16,133 crore into equity, it will be used by the promoter for equity infusion of about Rs 5000 crore. However, information about how much investment will be made by Vodafone Group Plc has not been given.
Will it sell stake in Indus Towers?
In the Economic Times report, sources have been informed that VI will not sell its 21.05 percent stake in Indus Tower and these funds will be used for investment. Let us tell you that VI had earlier prepared to sell its stake to clear the dues of Indus Tower, but the matter could not be made.
Who has how much stake in Vodafone Idea?
After the government’s dues are converted into equity, the government holds 33.1 per cent stake in Vodafone Idea, while Aditya Birla Group and Vodafone hold 32 per cent and 18 per cent, respectively. The total net worth of Vi was 61,965 crores as on 31 March 2022, which is in negative and the total gross debt is Rs 2.2 lakh crores.
Big loss in nine months
VI has incurred a loss of Rs 22,882 crore in 9 months during this financial year. In another ET report, it was told that Vodafone Idea is talking to several lender banks for loans, including State Bank, Punjab National Bank and HDFC Bank. Vodafone Idea is in the process of raising around Rs 3,000-4,000 crore from these banks.
What is the preparation for 5G
Jio and Airtel, the top companies in the telecom sector, are preparing to bring 5G, while Vodafone Idea has not yet given any update about it. It is expected that after raising funds, Vodafone Idea can present some updates regarding 5G.
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