Vodafone Idea Ltd (Vi) proposes to infuse a total equity of ₹14,000 crore in the near term as part of its business revival plan, said people with knowledge of ongoing discussions. This will see existing promoters Aditya Birla Group (ABG) and UK's Vodafone Group Plc infuse half the overall amount, they said.
According to the plan submitted to the government earlier this month, ABG and Vodafone Group will soon invest ₹2,000 crore as fresh equity in the company. The promoters have already invested ₹5,000 crore as fresh equity since the government's telecom revival package in September 2021. As part of the revival plan, the promoters will work with the company to raise another ₹7,000 crore either as direct equity or through convertible structures from external investors, said the people cited above.
Bank debt reduced
ET had reported on February 15 that ABG, which holds close to 18% of Vi, was in talks with foreign lenders to raise fresh funds to be infused as promoter equity. "ABG has tied up around $250 million with foreign lenders but there is a possibility that Vodafone Group may also participate in the funding round," said one of the persons cited above.
ABG, Vi and Vodafone Group didn't respond to queries.
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