Vi clarifies that attempts continue to raise Rs 25000 crore

(Vi) mentioned that it continues to discover fund elevating alternatives and can inform the regulators as soon as proposal to lift Rs 25,000 crore is taken into account by its Board.

“The Company keeps exploring various opportunities and options to raise funds within the authorizations given by the Board. As and when such proposals are considered by the Board of Directors of the Company that warrant disclosures, the Company complies with the disclosure obligations under the SEBI…”,mentioned the telco in a regulatory submitting on Tuesday.

That clarification got here on the again of ET’s story that mentioned Vi began talks with US PE group Apollo Global Management to safe as much as $three billion (Rs 22,400 crore) in funding over the subsequent three months via a mixture of debt and fairness to fulfill main upcoming fee obligations.

ET reported final Saturday that Apollo Global might impose stringent covenants, together with company ensures from Vi’s co-promoters, to safe itself in opposition to potential fee defaults, one other individual conscious of the talks mentioned. Industry insiders, although, anticipate each the Birlas and Vodafone UK to oppose such phrases on providing company ensures.

The loss-making telco must pay Rs 22,500 crore between December 2021 and April 2022 towards a mixture of common debt funds and dues associated to adjusted gross income (AGR) and spectrum allocation. Its money stability stood at Rs 350 crore on March 31, 2021 and Vi introduced a lack of Rs 6,985.1 crore for the quarter ended March.

Vi additionally expects to lift as much as $1 billion (round Rs 7,400 crore) from the sale of its fixed-line broadband subsidiary, optic fibre unit and knowledge centres enterprise, because it seeks to ease its money crunch. The Greater India