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According to people directly aware of the matter, the debt will be raised by Vodafone Idea Telecom Infrastructure Limited, a group subsidiary that houses part of the company’s telecom infra and renewable energy assets
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The debt sale comes as Vodafone looks to repurchase existing debt securities denominated in British dollars and British pounds through concurrent tender offers.
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About 2,520 shares advanced, 1,225 shares declined, and 121 shares unchanged.
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Vodafone Idea has petitioned the Supreme Court to direct the government to waive over $5 billion in telecom dues, citing sector sensitivity. The company, burdened by a 2019 ruling on adjusted gross revenue, faces $9.76 billion in dues and $25 billion debt. Its financial viability beyond FY26 is uncertain.
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Despite Vodafone Idea's recent uptick to Rs 8.04, the brokerage trimmed its FY25-28 revenue and EBITDA estimates by up to 3 percent and 11 percent, respectively,
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Vodafone Group had pledged almost the entire stake in VIL to raise the debt.The pledge was created in favour of HSBC Corporate Trustee Company (UK) for the debt raised by Mauritius and India-based entities of Vodafone Group.
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Vodafone Plc said that the funds from the sale of its remaining 3 percent equity stake in Indus Towers will be used to repay $101 million in outstanding borrowings, which are secured against its Indian assets.
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Vodafone said it would expand access to Google's artificial intelligence-powered Pixel devices with its 5G network in Europe and would continue promoting the Android ecosystem
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The Sensex and Nifty were in green after having surged to record highs in early trade on September 23, driven by a wave of optimism following last week's Federal Reserve rate cut, which has ignited risk-on sentiment among investors.
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Vodafone got nine orders from various GST offices mostly over alleged short payment of taxes and allegedly availing excess input tax credit (ITC).
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Despite delays in clearing vendor dues, Vi's senior management remains confident that operational creditors, including Nokia, will continue to support the company.
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Bharti Airtel plans to acquire additional 3% stake in Indus Towers from Vodafone Plc, taking its shareholding in the towers company to above 51%.
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Vodafone will sell 26.8 crore shares at a price range of Rs 310-314, valuing the stake between $996 mn to $1.1 bn, the term sheet showed.
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JPMorgan said that an equity infusion in Indus Towers to clear off past dues could result in a special dividend of Rs15/share in FY25, given that the tower company hasn't paid dividends over the last two years due to elevated capex and receivable issues from Idea.
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Vodafone's 21.5% in Indus Towers is held via various group entities and is valued at $2.3 billion. The report suggests final deal could be less than the entire stake that Vodafone holds, in case the demand is weak.
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Hindalco Industries reported a 31.6 percent year-on-year rise in consolidated net profit at Rs 3,174 crore for the March quarter from Rs 2,411 crore a year ago, helped by robust sales and low input costs across business segments. Market fails to hold record highs as it hit intra-day with Nifty ending below 23,000. Nifty hit intra-day record high of 23,026. Watch to know more.
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Vodafone Idea informed that it is in discussions with a consortium of banks to raise Rs 25,000 crore and additional non-fund-based facilities of up to Rs 10,000 crore.
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Airtel is the biggest shareholder in Indus Towers, with a 47.95 percent stake. If it acquires Vodafone stake, Airtel's shareholding in the tower company will climb to 69 percent
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Vodafone Idea shares closed at Rs 12.85 apiece on April 19, up Rs 1.85 from the upper price band. According to market observers, FPO GMP has remained positive despite weakness in the secondary market.
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Telecom operator Vodafone Idea’s board has approved a Follow-on Public Offering (FPO) of equity shares of up to Rs 18,000 crore. The floor price for the mega offer has been set at Rs 10 and the cap at Rs 11 per equity share. This is at a discount of about 26% compared to recently approved preferential issue price to the promoter entity at Rs 14.87 and a discount of about 15% compared to last closing price.
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Analysts predict that the Indian telecom industry will see a 15–17 percent tariff hike after the general election around July-October, with Bharti Airtel taking the lead
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Kotak praised Vi's recent follow-on public offer as a positive albeit overdue move, likely improving network coverage and competitiveness. They anticipate reduced bank debt will facilitate additional funding from banks.
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The company said in February it would raise up to 200 billion rupees through equity, which included financial support of 20 billion rupees from a promoter entity it did not name.
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Without providing a specific timeline, Neeraj Mittal, Telecom Secretary, said, the Government of India will look at the right opportunity to pare its stake in the cash-strapped Vodafone Idea.
