Vodafone Idea Ltd is reportedly in talks to raise at least $2 billion from a consortium of investors, including Oaktree Capital Management and Varde Partners.
The consortium, led by Oaktree, has offered $2-$2.5 billion to the telco, which owes over Rs 50,000 crore to the Department of Telecommunications (DoT) as AGR dues, Hindustan Times reported.
The board of Vodafone Idea had in September approved fundraising up to Rs 25,000 crore via a mix of instruments. The company is looking to raise funds, in one or more tranches, via issuance of Global Depository Receipts (GDRs), American Depository Receipts (ADRs), foreign currency convertible bonds (FCCBs), convertible debentures and warrants.
Spokespeople for Vodafone Idea, Oaktree and Varde Partners declined to comment, the report said.