Vodafone Idea reduces loss to Rs 7,176 crore in July-Sept quarter
Vodafone Idea has reduced its losses to Rs 7,176 crore in the July-September quarter of the current financial year from Rs 8,738 crore in the same quarter last year.
Debt-ridden telecom company Vodafone Idea’s board will meet on Friday to finalize plans for raising funds.
Vodafone Idea has informed the Bombay Stock Exchange (BSE) that its board will meet on October 21 to consider a proposal to raise funds through the issuance of convertible debentures.
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“Vodafone Idea Ltd has informed the BSE that the meeting of the Board of Directors of the company is scheduled on October 21, to consider and approve a proposal for issuance of debenture securities convertible into equity shares on a preferential or private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including shareholders’ approval,” the company said in a notice to the BSE.
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Vodafone Idea has been trying to raise funds for a long time but has not succeeded.
It may try and raise funds through the issuance of convertible debentures through private placement to a vendor.
Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and also Rs 2,400 crore to ATC.
Indus Towers is said to have asked Vodafone Idea to clear its outstanding dues and pay every month on time for the continuity of business post-November 2022.
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