Vodafone Idea Ltd (VIL) on Wednesday informed the stock exchanges that there is no proposal currently, that is being considered by board or promoters to invest additional capital in the company.
The telecom operator was responding to a news report that said promoters are likely to invest additional capital in the company.
“As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the Board, the company will inform the exchanges,” VIL said.
“Currently, there is no proposal as reported by the media that is being considered at the Board,” it added.
Vodafone Idea Ltd (VIL) Managing Director and CEO Ravinder Takkar had earlier exuded confidence that the beleagured telecom service provider will not only survive but also thrive.
In an exclusive interview to news agency PTI, Thakkar said it is clear that the government wants the company to compete in the market and there should be at least three private service providers in the telecom sector.
Some experts contended that the government may end up holding a “sizable” chunk (estimates varied from 26% to majority stake) in VIL at the end of moratorium period, if the telco opts to pay cumulative interest or annual instalments by way of equity.
VIL had total gross debt of ₹1.91 lakh crore, excluding lease liabilities and including interest accrued but not due, as of June 30, 2021. The debt comprises deferred spectrum payment obligations of ₹1.06 lakh crore and AGR liability of ₹62,180 crore that are due to the government and debt from banks and financial institutions of ₹23,400 crore.
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