Vodafone Idea seeks shareholder approval for ₹20,000 crore fundraise
Vodafone Idea Limited (VIL) held an Extraordinary General Meeting (EGM) on Tuesday, April 2, 2024, to seek shareholder approval for a significant fundraising, the company announced in an exchange filing, on April 3. The meeting conducted virtually, aimed to gain authorization for issuing securities worth up to ₹20,000 crore (approximately USD 2.4 billion).
The company did not disclose the voting results at the time of the press release. Shareholders will receive a separate communication regarding the outcome.
“The results of the voting will be intimated to you separately,” said, Executive Vice President and Company Secretary stated in an official communication, underscoring the importance of the fundraising effort for Vodafone Idea’s future operations.
This move comes amidst VIL’s ongoing financial struggles. The telecom operator is battling a hefty debt burden and subscriber losses. The additional capital could be used to improve its network infrastructure, invest in new technologies like 5G, and potentially settle some of its outstanding debts.
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Published: 03 Apr 2024, 02:00 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.