Vi (Vodafone Idea) on December 18 announced the successful fundraise of Rs 3,300 crore through the issuance of unlisted, unrated, secured Non-Convertible Debentures (NCDs), issued by Vodafone Idea Telecom Infrastructure Limited (VITIL), its subsidiary entity.
The fundraise saw strong interest exceeding the NCD issuance, from a diversified group of marquee investors, including large Non-Banking Financial Companies (NBFCs), Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs), said the telco.
The proceeds from this issuance will be utilised by VITIL to repay its payment obligations to Vi. This will enable Vi to bolster its capex and support business growth, the telecom firm said in a stock exchange filing. Speaking on the latest development, Abhijit Kishore, CEO, VIL said "This fresh fundraise reinforces investor confidence in our strategy and long term vision. This capital strengthens our momentum as we continue to scale our network and enhance services for our customers. Discussions relating to long-term debt raise to support capex are ongoing with banks."
JM Financial Products Ltd acted as the exclusive Debt Arranger in relation to this fundraise.
On December 18, Vodafone Idea shares closed trading nearly 2% higher at Rs 11.33 apiece.
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