This will result in dilution for all the existing shareholders of the company, including the founders, the unprofitable wireless carrier said in a stock exchange filing. Vodafone Group will own around 28.5% and Aditya Birla Group will have about 17.8% in the company, it said.
Vodafone Idea | azlyrics.org.uk
Shares of Vodafone Idea Ltd on Thursday hit its 52-week high on the bourses after the stock spurted over 16 per cent, amidst reports that the firm has raised enough fund for the repayment of interest owed to bondholders within the December 13 deadline.
Shares of Vodafone Idea Ltd surged nearly 20% and banks with exposure to the telecom firm jumped on Thursday, a day after the Unino Cabinet approved a relief package for the troubled sector.
With outstanding dues of nearly Rs 1.6 lakh crore in spectrum payments and AGR dues, the government may be the biggest loser in case Vodafone Idea collapses under crippling losses and heavy debt. Cumulatively, the company currently has a debt of Rs 1.8 lakh crore, and has been bleeding financially with losses pegged at Rs … Continue reading Govt may have to take the biggest hit if Vodafone Idea fails
Kumar Mangalam Birla on Wednesday stepped down as non-executive chairman and a director from the board of telecom major Vodafone Idea as the company battles for survival amid severe financial strain.
Shares of India’s Vodafone Idea tumbled as much as 24% on Thursday, a day after the troubled telecom operator’s board accepted billionaire-industrialist Kumar Mangalam Birla’s request to step down as non-executive chairman.
Vodafone Idea shares continued to fall on Wednesday as Aditya Birla Group chairman Kumar Mangalam Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational.
Aditya Birla group chairman Kumar Mangalam Birla has offered to hand over his stake in debt-laden Vodafone Idea Ltd (VIL) to the government or any other entity that the government may consider worthy to keep the company operational.
Telecom regulator Trai has issued a show-cause notice to Vodafone Idea over the contentious priority plan, saying the offer lacks transparency, is misleading and not in compliance with regulatory principles.
Vodafone Idea on Monday approached the telecom tribunal TDSAT against the sectoral regulator Trai’s missive to put on hold its plan that promised faster speeds to priority users.
Telecom operator Vodafone Idea has submitted about Rs 1,367 crore to the govt towards licence fee and spectrum usage charges for the recently-concluded March quarter. Sources said that the telecom department has received the payment made by Vodafone Idea along with other operators. When contacted, Vodafone Idea spokesperson declined to comment on the latest payment.
Bharti Airtel, Vodafone Idea and Tata Group’s self-assessment of dues to the government are a whopping Rs 82,300 crore short of what the telecom department calculated after the Supreme Court’s ruling on AGR (adjusted gross revenue).
The government will form an expert group to decide over Rs 82,300-crore disputed AGR (adjusted gross revenue) claims that have arisen due to differences between the outstanding payment sought by the telecom department (DoT) and those claimed by private telecom companies such as Vodafone Idea, Airtel and Tata Group.
Loss-making telecom operator Vodafone Idea on Monday said it has made an additional payment of Rs 3,354 crore towards adjusted gross revenue (AGR) to the department of telecom (DoT), thereby completing payment of principal amount calculated on self-assessment basis. With this fresh payment, Vodafone Idea (VIL) has paid Rs 6,854 crore towards AGR dues.
Vodafone Global CEO Nick Read has told the government that the company wants to make a new and good beginning in India, according to sources. Read — who met finance minister Nirmala Sitharaman and telecom minister Ravi Shankar Prasad separately on Friday — sought government assistance to keep Vodafone Idea afloat, the sources added.
Cash-strapped, struggling operations of Vodafone Idea saw a glimmer of hope to raise funds with the department of telecom (DoT) approving the merger of Indus Towers with Bharti Infratel to form one of the world’s largest tower companies.
India faces a multi-billion-dollar hit to economy and a tarnished reputation as a place for multinationals to invest unless it can keep Vodafone Idea in business. With 13,000 direct employees & loans from banks of about $3.8 billion, Vodafone Idea’s potential exit would send shockwaves through India’s economy, which is already growing at its slowest … Continue reading If Vodafone Idea disconnects, India picks up the bill
The department of telecom (DoT) on Friday ordered Bharti Airtel, Vodafone Idea and others to pay their AGR (adjusted gross revenue) dues by 11:59 pm Friday. The order comes just hours after the SC issued notice to the companies and their directors to explain why contempt proceedings shouldn’t be initiated against them for not paying … Continue reading DoT orders telecom companies to clear dues by midnight
Vodafone Idea on Thursday reported widening of losses to Rs 6,438.8 crore in October-December 2019 against Rs 5,004.6 crore in the year-ago period as the AGR (adjusted gross revenue) dues-hit telco reeled under the impact of increased finance costs and higher depreciation of assets.