ANI
20 Jun 2022, 11:07 GMT+10
New Delhi [India], June 20 (ANI): Telecom operator Vodafone Idea's Board of Directors will meet on Wednesday to consider a proposal for raising funds aggregating up to Rs 500 crore, by way of issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group, it said in a regulatory filing to the stock exchanges.
Vodafone Group is one of the promoters of the telecom operator.
The filing further said that the trading window for dealing in shares of the company shall remain closed for all designated persons under the company's Code of Conduct, and the same shall remain closed till 48 hours from the conclusion of the meeting of the Board -- till June 24, 2022, both days inclusive.
The trading window for dealing in the securities of the company will reopen on June 25, 2022, added the filing.
On Friday, the shares of the company closed at Rs 8.2 apiece, down 3.5 per cent from the previous day.
Telecom firm Vodafone Idea in May this year had reported a consolidated net loss of Rs 6,563 crore for the fourth quarter of 2021-22, which is lower than Rs 7,023 crore net loss recorded in the corresponding period of last year.
The company's revenue for the quarter ended March 2022 rose to Rs 10,240 crore, from Rs 9,647.8 crore recorded in the corresponding quarter of the last year, posting a year-on-year increase of 6.46 per cent.
Quarter-on-quarter basis, the company's revenue grew by 5.4 per cent in January-March 2022 period.
Vodafone Idea said in a statement that the growth in revenue was supported by tariff hikes effective November 25, 2021.
"We are pleased to announce the third consecutive quarter of revenue growth driven by tariff interventions taken in November 2021. While the overall subscriber base has been impacted primarily on account of the tariff increase, the 4G subscriber base continued to grow on the back of superior data and voice experience offered by Vi GIGAnet," said Ravinder Takkar, MDCEO, Vodafone Idea Limited.
"We are in the process of creating a differentiated digital experience for our customers and added several new digital offerings across various genres during the quarter. We successfully completed the first tranche of fundraising in the form of a preferential equity contribution of Rs 45 billion from our promoters. We continue to actively engage with lenders and investors for further fundraising," Takkar added.
The company's total gross debt (excluding lease liabilities and including interest accrued but not due) as of March 31, 2022 stands at Rs 1,97,880 crore, comprising of deferred spectrum payment obligations of Rs. 1,13,860 crore, AGR liability of Rs 65,950 crore that are due to the Government and debt from banks and financial institutions of Rs 18,070 crore.(ANI)Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationBASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
Nurse Admits Amputating Man's Leg Without Permission UK Crime
North Carolina Sheriff Retires Amid Sexual Misconduct Charges Latest News
Detroit-Area McDonald's Employee Kills Co-Worker After Argument Latest News
Ex-NBA Player Ben McLemore Sentenced To Prison For Rape Latest News
Too far? Sunrise weatherman Sam Mac shocks co-host Natalie Barr in a VERY awkward exchange
UK Housebuilders Offer 100m To Settle CMA Probe Into Information Sharing