Vodafone Is Raising Funds To Pay Debts - The Break

Vodafone Idea has said that the company will continue its fundraising program, till the fundraising money has not reached 25,000 crore rupees. Then it will inform all the regulators of the company. The company has said that it will keep on exploring various ways to raise funds for the growth of the company. All the fundraising programs will be held under the supervision of the company. The board of the company will consider the proposals of the people who have shown their interest in investing their money in Vodafone.

Sources have also said that Vodafone company has already started talking to US PE group Apollo Global Management and they have already secured 3 billion dollars which are 22,400 crore rupees. With this money, the company will pay up all the upcoming payments inside the company.

ET has informed that Apollo Global has also demanded their corporate guarantee from the Vodafone company. It has also asked for extra security in its potential payment default. Though critics have said many major companies such as Birlas and Vodafone UK will oppose the condition of giving corporate guarantee to Apollo Global.

For the recent losses in the market, the company is in debt and it needs to pay 22,500 crore rupees for debt. The company needs to pay the debts within this year and this is why the company is now emphasizing raising more funds. The company is in debt because of AGR or Adjusted Gross Revenue and Spectrum Allocation. The current value of Vodafone is 350 crore rupees and the company has announced that the company has lost nearly 7,000 crore rupees from the starting of the pandemic. The company has also said that it is very optimistic about the sales of the company.