Kumar Mangalam Birla outlines Vodafone Idea turnaround with ₹4,730cr proposal
Vodafone Idea just got a boost: Chairman Kumar Mangalam Birla told shareholders the telecom giant is working hard to turn things around after a rough patch.
At Thursday's meeting, he highlighted plans to upgrade its network and improve customer service.
Shareholders also met to consider a ₹4,730 crore funding proposal from Suryaja Investments Pte Ltd, aimed at helping Vodafone Idea regain stability and lender trust.
Vodafone Idea's 4.3bn warrants raise ₹4,730cr
The new funds come from 4.3 billion warrants priced at ₹11 each, with 25% paid upfront.
About ₹1,730 crore will go into tech upgrades, while ₹3,000 crore helps cut debt.
If all warrants convert later, Aditya Birla Group's stake jumps to 13%, and total promoter equity rises to 28.5%.
The government's share will drop slightly from 49% to 47%.
Vodafone Idea faces ₹1.27tr spectrum dues
Vodafone Idea faces huge spectrum dues—₹1.27 trillion overall, with spectrum payment obligations spread over the next three years—so this funding is key for its comeback plan and keeping it in the game.