Vodafone Idea Limited’s (VIL) board of directors has approved a fund-raising plan of up to Rs 250 billion via a mix of debt and equity instruments. The approval came at the recent board meeting held by VIL on September 4, 2020.
The funds raised would be used for payment of adjusted gross revenue (AGR) dues and network expansion.
As per a regulatory filing, the telco’s board approved raising of up to Rs 150 billion through issuance of equity shares, Global Depository Receipts, American Depository Receipts, foreign currency convertible bonds, convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares or a combination thereof by way a public issue, preferential allotment, private placement, qualified institutions placement or through any other permissible mode in one or more tranches. In addition, VIL board also approved issuance of unsecured and /or secured, non-convertible debentures up to an aggregate amount of Rs 150 billion by way of public offering or private placement basis or otherwise, in one or more tranches.
However, the telco added that the total amount of funds raised under the two methods should not exceed Rs 250 billion.