NEW DELHI: Vodafone Idea on Wednesday said it will announce a fund-raise “shortly” as the company — which has got a fresh lease of life following a bailout package extended by the government — has received “huge interest” from investors, especially international funds.
Ravinder Takkar, MD & CEO of Vodafone Idea, said key concerns of potential investors have been addressed through the government package, which had included an assurance that at least three private operators will continue to operate in the country and there would also be financial and liquidity support extended.
“I believe it was a positive sign for the investors. This process is positive for fundraise and investor feedback. I hope to be back shortly to announce the fund-raise process,” Takkar said, a day after Vodafone Idea decided to offer the government a 35. 8% equity in the company in lieu of the estimated Rs 16,000crore interest payment it has to make for a four-year moratorium on spectrum and AGR charges.
Takkar said the promoters of the company — Britain’s Vodafone and local Adi- tya Birla Group — will continue to steer the company through the revival process, while the government, despite getting a majority stake, will not manage day-to-day operations and neither demand a board seat.
“There are no conditions in the letter that the department of telecom had written to us,” he said. Takkar said both Vodafone and Aditya Birla Group accepted dilution of shares to facilitate entry of government in best interests of the company.
Ravinder Takkar, MD & CEO of Vodafone Idea, said key concerns of potential investors have been addressed through the government package, which had included an assurance that at least three private operators will continue to operate in the country and there would also be financial and liquidity support extended.
“I believe it was a positive sign for the investors. This process is positive for fundraise and investor feedback. I hope to be back shortly to announce the fund-raise process,” Takkar said, a day after Vodafone Idea decided to offer the government a 35. 8% equity in the company in lieu of the estimated Rs 16,000crore interest payment it has to make for a four-year moratorium on spectrum and AGR charges.
Takkar said the promoters of the company — Britain’s Vodafone and local Adi- tya Birla Group — will continue to steer the company through the revival process, while the government, despite getting a majority stake, will not manage day-to-day operations and neither demand a board seat.
“There are no conditions in the letter that the department of telecom had written to us,” he said. Takkar said both Vodafone and Aditya Birla Group accepted dilution of shares to facilitate entry of government in best interests of the company.
.