Vodafone Idea Reallocated Rs 2,258 Crore From Network Expansion to Spectrum Payments: CARE Ratings

During the fourth quarter of FY26 alone, Vodafone Idea incurred Rs 1,487.81 crore toward network expansion activities.

Spectrum Payment Allocation Increased

Following the reallocation, the amount earmarked toward deferred spectrum payments and related GST obligations increased from Rs 2,175.32 crore to Rs 4,433.32 crore. CARE Ratings stated that Vodafone Idea fully utilised the revised amount allocated for spectrum-related payments by the end of the quarter.

The filing further showed that Vodafone Idea incurred Rs 0.52 crore toward this objective during Q4 FY26. According to the monitoring agency report, Vodafone Idea has fully utilised the entire FPO proceeds amounting to Rs 17,614.20 crore.

The filing showed that:

• Rs 10,492 crore was utilised toward network expansion
• Rs 4,433.32 crore was utilised toward spectrum-related payments
• Rs 2,688.88 crore was utilised toward general corporate purposes

CARE Ratings also noted that the amount allocated toward general corporate purposes had already been fully utilised by Q3 FY25, and there was no utilisation under this category during Q4 FY26.

No Delay or Deviation Reported by CARE Ratings

CARE Ratings stated in its report that there were no deviations from the objects mentioned in the offer document the monitoring agency also said there was no change in the means of finance for the disclosed objectives and no major deviation compared to earlier monitoring agency reports.

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According to the filing, no government or statutory approvals were required with reference to the objectives mentioned in the FPO document. CARE Ratings also stated that there were no favourable or unfavourable events affecting the viability of the stated objectives.

The report further noted that there was no delay in implementation of the stated objectives. The completion timelines for both network expansion activities and spectrum payment-related obligations remained within Fiscal 2026, while the general corporate purpose objective had already been completed within Fiscal 2025.

Vodafone Idea Raised Rs 18,000 Crore Through FPO

Vodafone Idea had raised Rs 18,000 crore through its Further Public Offer in April 2024. According to the CARE Ratings filing, the net proceeds from the issue stood at Rs 17,614.20 crore.