Kumar Mangalam Birla to lead Vodafone Idea fundraising May 16
Business
Vodafone Idea is getting ready for a big cash injection, with chairman Kumar Mangalam Birla leading the charge.
The board meets on May 16 to talk about raising money through shares or warrants, aiming to strengthen its network and keep operations running smoothly.
Vodafone Idea still needs ₹95,000cr
This move comes right after the government cut Vodafone Idea's dues by over ₹23,000 crore and pushed payment deadlines way into the future.
Even so, the company still needs a massive ₹95,000 crore, including around ₹45,000 crore for capital expenditure.
Talks are ongoing with State Bank of India and other lenders for fresh loans, while Aditya Birla Group has already chipped in ₹2,075 crore in 2024.