Approval has been received from the government regarding the 5G auction and according to the official statement it can be released in the month of August-September. Meanwhile, all the telecom companies have also started preparing for the 5G auction. At the same time, Vodafone-Idea company is preparing to raise a fund of Rs 500 crore. A notification has been issued by the company regarding this.
According to the information given by the company, the meeting of its Board of Directors will be held this week on June 22, 2022, Wednesday, on a proposal to raise funds up to Rs 500 crore by issue of equity shares or convertible warrants. will be considered.
Vodafone Idea said in an exchange filing that the trading window for transactions in the company’s shares will remain closed for all nominees under the company’s code of conduct and will remain closed for 48 hours from the conclusion of the board meeting till June 24, 2022. The trading window for transactions in the securities of the Company will re-open on June 25, 2022.
6,563 crore loss in the fourth quarter
Vi had reported a loss of Rs 6,563 crore in the fourth quarter of 2021-22, which is lower than the loss of Rs 7,023 crore reported in the same period last year. The company’s revenue for the quarter ended March 2022 increased to Rs 10,240 crore as against Rs 9,647.8 crore recorded in the corresponding quarter of the previous year, registering a year-on-year growth of 6%.
Company going through financial stress
The company has been under financial stress over the years, with a total gross loan of Rs 1,97,880 crore as on March 31, 2022. This included deferred spectrum payment of Rs 1,13,860 crore, AGR liability of Rs 65,950 crore and other loans of Rs 18,070 crore.
The company has failed to raise funds
Earlier in March, Vodafone Idea had made preparations to raise a fund of about 20 thousand crores in March, but talks with the group of companies could not be successful. Apart from this, according to a report in The Cane, news of Amazon’s investment in Vi was also revealed.