Vodafone Idea Limited (VIL) on Wednesday informed stock exchanges that there is currently no proposal on which the board or promoters are considering to infuse additional capital in the company.
The telecom operator was responding to a news report which said that promoters may invest additional capital in the company.
VIL said, “As part of the corporate strategy, the company continuously evaluates various opportunities to enhance the value of the stakeholders. The company will inform the exchanges as and when such proposals are considered by the board.”
“At present, there is no such proposal as is being reported in the media which is being considered by the board,” he said.
Vodafone Idea Limited (VIL) Managing Director and CEO Ravinder Takkar had earlier expressed confidence that the troubled telecom service provider will not only survive but thrive.
In an exclusive interview to news agency PTI, Thakkar said it is clear that the government wants the company to compete in the market and have at least three private service providers in the telecom sector.
Some experts argued that if the telco chooses to pay cumulative interest or annual installments through equity, the government could liquidate a “large” stake (estimation for majority stake from 26%) in VIL. .
The total gross debt of VIL was ₹1.91 lakh crore, excluding lease liabilities and including interest accrued as on June 30, 2021, but not outstanding. The loan includes deferred spectrum payment obligations ₹1.06 lakh crore and AGR liability ₹62,180 crores which are due to loans from government and banks and financial institutions ₹23,400 crores.
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