Thursday, October 22, 2020
Home Business Vodafone Idea rebrands itself, to go by model identify Vi

Vodafone Idea rebrands itself, to go by model identify Vi

New Delhi: Vodafone Idea Ltd mentioned on Monday introduced that it’s going to go by the model identify “Vi”.

The Beleaguered telecom operator, introduced the rebranding of the corporate via a digital platform.

Vodafone Idea, a three way partnership between Britain`s Vodafone and India`s Idea Cellular on Friday permitted plan to lift as much as Rs 25,000 crore via a mixture of fairness and debt devices to maintain the corporate afloat.

The essential determination got here days after the Supreme Court directed telecom operators to pay 10 per cent of complete adjusted gross income (AGR)-related dues this 12 months, and remainder of the funds in 10 instalments, beginning subsequent fiscal 12 months.

The fund-raising will throw a lifeline to cash-strapped VIL, which has suffered huge losses, because it has been shedding subscribers and common income per person (ARPU), and faces excellent AGR dues of about Rs 50,000 crore.

In a submitting on Friday, Vodafone Idea mentioned its board has permitted elevating of funds via a mixture of fairness and debt devices and that the entire fund-raising won’t exceed Rs 25,000 crore.

The firm will contemplate fund-raising via GDR, ADR, FCCB, debentures or warrants.

The proposals will probably be taken up on the firm’s annual basic assembly scheduled on September 30, 2020.

The firm had reported a staggering Rs 73,878 crore of internet loss in fiscal ended March 2020 – the very best ever by any Indian agency – after it provisioned for Supreme Court mandated statutory dues.

It reported a internet lack of Rs 25,460 crore for the June quarter after making extra provisions to pay previous statutory dues and had mentioned its skill to proceed as going concern hinges on the Supreme Court permitting extra time to pay dues.

The apex court docket has rejected the demand for a 20 12 months time for telcos to clear a mixed Rs 1.6 lakh crore in previous dues, however allowed the legal responsibility to be cleared in 10 years.

Following the SC verdict earlier this month, some analysts had been of the view that Vodafone Idea could wrestle to pay its dues within the 10 years that the Supreme Court granted to telecom firms, though Bharti Airtel might be able to meet the cost schedule.

With Agency Inputs


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