Vodafone Idea Board approves fundraise of up to Rs 45,000 crore via equity and debt; promoters to participate

The company said it will call for a meeting of its shareholders on April 2, 2024 and expects to complete Rs 20,000-crore equity fund raise in the coming quarter

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Vodafone Idea Board approved fundraising of up to Rs 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27.

The company said it will raise Rs 20,000 crore through a combination of equity or equity-linked instruments and the rest via debt and promoters will also participate in the proposed equity raise.

The company said it will call for a meeting of its shareholders on April 2, 2024 and post-shareholder approval it expects to complete the equity fund raise in the coming quarter.

Vodafone Idea said it will continue to be engaged with its lenders for tying-up the debt funding after the equity fund raise. Through a combination of equity and debt, Vodafone Idea plans to raise around Rs 45,000 crore. Vodafone Idea said its bank debt currently stands at less than Rs 4,500 crore.

The fundraise will enable Vodafone Idea to make investments towards
expansion of 4G coverage, 5G network rollout and capacity expansion. These investments will also enable the company to improve its competitive positioning and offer an even better customer experience, said the company on Tuesday.

The Board has also authorised the management to appoint various intermediaries, including bankers and counsels to execute the fundraise.

“The proposed fundraise follows a marked improvement in operating metrics. The Company has managed to grow its 4G subscriber base and ARPUs consecutively for the last 10 quarters. Further, the company remains focused on providing competitive data and voice experience at all locations where it is present. Company is also steadfast in building a differentiated digital experience adding several digital offerings in the recent quarters. The Company has consistently shown an improvement in performance even with limited investments. With the proposed fundraise and the positive operational developments, the Company is confident of effectively competing in the market,” said Vodafone Idea.

The shares of the telecommunication company gained 4 percent in the past five sessions, buoyed by the news of the fund raise plans. Vodafone Idea settled 4.45 percent lower at Rs 16.1 on the National Stock Exchange on February 27.

Vodafone Idea is a partnership between Aditya Birla Group and Vodafone Group. The company provides pan India voice and data services across 2G, 3G and 4G platforms.