Vodafone Idea Limited (Vi) has cleared Rs 19.10 billion of its old dues to Indus Towers using the cash raised by recently issuing fresh equity on a preferential basis to Vodafone Group Plc.
Of the proceeds, Rs 8.9 billion ($ 105 million) were used to repay outstanding borrowings to Vi’s existing lenders, secured against Vodafone Group’s Indian assets and to cover transaction fees. The remaining Rs 19.1 billion ($ 225 million) was used to acquire 1.7 billion equity shares in Vi raising Vodafone Group’s stake in Vi to 24.39 per cent from 22.56 per cent. The acquiring Vodafone promoter entities in Vi are Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited.
