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Vodafone Idea Secures Over $1 Billion in Equity Commitments for ₹45,000 Crore Fundraise

1 Mar 2024 , 12:09 PM

Vodafone Idea Ltd, seeking to raise ₹45,000 Crore in equity and debt, has secured equity commitments exceeding $1 billion (₹8200 Crore) from anchor investors. The identities of these investors are currently undisclosed, marking a crucial step in Vodafone Idea's financial restructuring.

The telecom giant has informally engaged investment banks to structure efficient funding, exploring options like rights issues, preferential allotment, or a follow-on public offering.

The fundraising strategy aims to optimize by considering various avenues and pricing methods for new shares. Email queries to Vodafone Idea, Aditya Birla Group, and Vodafone Group Plc have not yet received responses. Vodafone Idea has held meetings with foreign investment banks, seeking presentations for the fundraising initiative.

The company has assured domestic lenders of additional debt funding post equity infusion, relying on commitments from anchor investors.

Vodafone Idea's fundraising outcome holds significance for its future and the broader telecom industry, especially given the loss of subscribers in November 2023, as reported by TRAI.

With a user base of 215.2 million on December 31, the telco aims to avoid further erosion by focusing on key circles to boost average revenue per user (ARPU). In June last year, Vodafone Idea proposed a ₹14,000 Crore equity infusion as part of its business revival plan, involving both promoters and external investors.

For feedback and suggestions, write to us at editorial@iifl.com

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