Vi Talks About Fundraising Yet Again, Will the Magic Happen this Time

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Vodafone Idea (Vi), a cash-strapped Indian telecom operator, has been eyeing to raise funds for years in different forms and instruments, but to no avail so far. Rising debt levels and a rapidly depleting subscriber base have made it hard for investors to trust the company with their money. Vodafone UK, the largest promoter of Vi, carried forward the value of its investment in Vi as nil last year.

While things do not look good for Vi, its board of directors have decided to meet on Feb 27, 2024, to discuss potential fundraising. The telco's board will consider and evaluate any and all proposals for raising funds in one or more tranches by various methods. It could be through a further public offer, a rights issue, qualified institutions placement, private placement including preferential allotment, and more.

The telco has said that the trading window for its shares is closed from Feb 23 to Feb 29. The decision taken by the board will be likely announced after the meeting is convened on Feb 27, 2024.

Read More - Mavenir in Advanced Phase of O-RAN Pilot Deployment for Vodafone Idea

What's Kumar Mangalam Birla Saying?

Kumar Mangalam Birla, Chairman of the Aditya Birla Group (ABG), a promoter of Vodafone Idea, said that they remain committed to Vodafone Idea. Birla said that they are making good progress with respect to raising funds for the telco, but can't put a timeline on when it will happen, according to an ET report.

The lenders could potentially give money to Vodafone Idea for running its business smoothly. However, they don't want to expose themselves any further before the promoters pitch in with substantial capital. The issue has been the lack of interest from the side of the promoters in putting more money into the telco.

Read More - Vodafone Partners with Samsung and AMD to Test Open RAN Chip

There's a likely scenario where the outside investors as well as the lenders thinking about lending or investing in Vi are waiting for the promoters to make a move. If the promoters don't show any support, it would be hard for the outside parties to involve their money in the company.

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