Vodafone Idea Eyes Rs 2,000 Crore Fundraise Amid Debt Challenges

Debt-laden telecom major Vodafone Idea plans to raise Rs 2,000 crore from Vodafone Group to address financial troubles. Vodafone Group's sale of a 3% stake in Indus Towers aims to clear USD 101 million debt and fund Vodafone Idea. The board will discuss fundraising plans on December 9, 2024.

Debt-ridden telecom firm Vodafone Idea revealed plans to propose raising Rs 2,000 crore from entities within the promoter group, Vodafone Group. The board meeting to deliberate on the fundraising is scheduled for December 9, 2024.

This move follows Vodafone Group's strategic decision to offload a 3% stake in Indus Towers, valued at approximately Rs 2,800 crore. The proceeds are earmarked for settling the group's USD 101 million debt, with any remaining funds allocated to support Vodafone Idea.

Vodafone Group holds a 22.56% stake in Vodafone Idea, with significant stakes held by Aditya Birla Group and the Indian government. The company aims to stabilize and strengthen its financial position through these strategic financial initiatives.

(With inputs from agencies.)