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Vodafone Idea Update: Aditya Birla Group Chairman Kumar Mangalam Birla has again returned to the board of Vodafone Idea, the country’s third largest telecom company. Kumar Mangalam Birla has returned to the company’s board as an additional director. His return to the Board of the Company is effective from April 20, 2023.
Kumar Mangalan Birla used to be the chairman of Vodafone Idea two years ago. But then he left the post. But the stock exchange has been informed in its regulatory filing that a meeting of the Board of Directors has been held on Thursday, April 20, in which Kumar Mangalam Birla has been appointed as the Additional Director. Aditya Birla Group holds 8.36 per cent stake in Vodafone Idea.
Let us tell you that Vodafone Idea is going through a big financial crisis. The company has an outstanding debt of Rs 2.23 lakh crore. But in February this year, government dues of Rs 16,133 crore were converted into equity, after which the government became the largest stakeholder in Vodafone Idea. The government holds about 33 per cent stake in the company. Shares have been issued to the government at a face value of Rs.10. Currently, the share of Vodafone Idea is trading at Rs.6.05. That is, the government is suffering a loss of 40 percent on the investment.
Actually Vodafone Idea is immersed in the burden of debt and it needs huge capital to run the company. There has been talk of infusing capital from the promoter side of the company for a long time, which has not happened yet. Vodafone Idea needs Rs 40,000 to 45,000 crores to operate in a better way. If 50 percent of this is received as a loan from the bank, then the remaining amount will have to be deposited by the promoter. Without promoter’s funding neither any investor is willing to invest in the company nor any bank is getting ready to give loan to the company. The company is not able to raise money even from foreign investors.
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