Vodafone Idea Limited (Vi) announced that its subsidiary, Vodafone Idea Telecom Infrastructure Limited (VITIL), has raised Rs 33 billion via the issuance of secured non-convertible debentures (NCDs).
According to Vi in a regulatory filing, the proceeds will be utilised by VITIL to meet its payment obligations to Vi, noting that this would help strengthen capital expenditure (capex) and support business expansion.
JM Financial Products acted as the exclusive debt arranger for the transaction.
Further, as per Vi’s chief executive officer (CEO), the additional funding would aid efforts to scale up the network and enhance customer experience, while discussions with banks for securing longer-term debt to fund capex remain ongoing.
He added that the NCD issue attracted interest from a range of investors, including large non-banking financial companies (NBFCs), foreign portfolio investors (FPIs) and alternative investment funds (AIFs).
