Vodafone Idea Board to Mull Raising Funds Post AGR Verdict

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Vodafone Thought Board to Mull Elevating Funds Submit AGR Verdict

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New Delhi: The Board of Administrators of Vodafone Thought Ltd (VIL) will meet on Friday to debate and consider proposals for elevating funds in a number of tranches by means of public difficulty, difficulty of fairness shares or securities amongst different choices. Additionally Learn – AGR Case: Supreme Courtroom Offers Telecom Operators 10 Years To Pay Pending Dues, 10% to Be Paid By March 31, 2021

The announcement got here after the Supreme Courtroom’s September 1, verdict on the Adjusted Gross Income (AGR) difficulty, whereby the highest court docket gave a 10-year timeline to the telcos to repay their dues, with an upfront fee of 10 per cent by March 31, 2021. Additionally Learn – Vodafone Thought Data Q1 Lack of Rs 25,460.20 crore as Pandemic Hits Enterprise

“A gathering of the Board of Administrators of the Firm is scheduled to be held on September 4, 2020, inter-alia, to think about and consider any and all proposals for elevating of funds,” the corporate mentioned in a regulatory submitting late Tuesday. Additionally Learn – Breather For Vodafone Thought as Supreme Courtroom Orders Earnings Tax Dept to Refund Rs 833 Crore

The board will contemplate elevating funds in a number of tranches by the use of a public difficulty, preferential allotment, non-public placement, together with a certified establishments placement or by means of every other permissible mode or mixture thereof, by the use of difficulty of fairness shares or by difficulty of any devices or securities, together with securities convertible into fairness shares.

In keeping with an evaluation by the Division of Telecommunications, (DoT), Vodafone Thought owed a complete of Rs 58,254 crore. As per the federal government, the operator now owes steadiness AGR dues of round Rs 50,399 crore.

On Wednesday, shares of Vodafone Thought rose after plunging within the earlier session weighed down by the Supreme Courtroom verdict. Round 11 a.m., its shares on the BSE had been buying and selling at Rs 9.61, increased by 8.10 per cent from its earlier shut.

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