Vodafone Idea Bolsters Capital with Rs 3,300 Crore Fundraise

Vodafone Idea completed a Rs 3,300 crore fundraising through its subsidiary VITIL by issuing non-convertible debentures. The funds will aid the company in repaying debts and boosting network capabilities. The successful fundraising displays investor confidence and aligns with Vodafone Idea's long-term financial strategies.

Debt-laden Vodafone Idea announced a significant financial maneuver, securing Rs 3,300 crore through the issuance of non-convertible debentures by its subsidiary, VITIL. This fundraise is instrumental in supporting Vodafone Idea's debt repayments, enhancing capital expenditure, and fostering future growth.

The fundraising attracted considerable interest from diverse investment bodies, involving prominent non-banking financial companies and foreign portfolio investors. Vodafone Idea's CEO, Abhijit Kishore, affirmed that the capital boost reflects the strategic trust investors place in the company's long-term initiatives.

Vodafone Idea, with ongoing debt talks with banks, is simultaneously working with the government on resolving its outstanding AGR dues. The company has shown a reduction in losses, owing to improved financial measures including a tariff hike, signaling progress toward financial stability.

(With inputs from agencies.)