Aditya Birla Group to invest ₹4,730cr in Vodafone Idea
Business
Vodafone Idea (Vi) just got a big boost: Aditya Birla Group has committed to invest ₹4,730 crore through a preferential issue of up to 430 crore convertible warrants at ₹11 each, subject to shareholder approval.
This investment follows Vi's government relief announced in April, with its telecom dues cut down by over ₹23,000 crore.
Vi bank debt falls to ₹726cr
Vi has worked hard to shrink its bank debt from ₹2,326 crore to just ₹726 crore in a year.
The Birla Group's total support now stands at a massive ₹27,000 crore. Plus, Kumar Mangalam Birla is back as chairperson since May 5, signaling strong promoter backing.
Up next: shareholders will vote on June 11 to approve this funding move, key for Vi's fight to stay relevant in India's tough telecom scene.