Key Points
MUMBAI - Extending gains from Thursday, shares of Vodafone Idea zoomed more than 9% in trade on Friday on news the companys board will meet on February 27 to mull equity fundraising...
The cash-strapped operator has been struggling for a while to raise capital, which is of utmost significance given the high debt on books..
As of December end, Vodafone Ideas gross debt stood at Rs 2.15 lakh crore, comprising deferred spectrum payment obligations of Rs 1.38 lakh crore, AGR liability of Rs 69,020 crore due to the government, dues of Rs 6,050 crore towards banks and financial institutions, and optionally convertible debentures amounting to Rs 1,660 crore...
On Thursday, Aditya Birla Group Chairman Kumar Mangalam Birla said that the group remains committed and is making all efforts to rope in external investors..
"We are making good progress but can't put in a timelineWe remain very committed to Vodafone Idea and as we have said in the public domain, efforts are on to get outside investors," Birla said...
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