Vodafone’s India Unit Plans $1.5 bn Fundraising
Vodafone Idea is considering raising $1-1.5 bn initially through equity and is in talks with local and overseas investment bankers for running the mandate, said people familiar with the matter. US-based PJT Partners, Goldman Sachs, Morgan Stanley, Bank of America-Merrill Lynch, Prime Securities, Axis Capital and Kotak Investment Bank are among those with whom discussions have been held, the persons added.
The developments come after the Supreme Court gave telcos, including Vodafone Idea, 10 years to pay their adjusted gross revenue (AGR) dues. Vodafone Idea’s balance AGR dues amount to nearly ₹50,400 cr. The cash-strapped telco is now moving to raise funds, having received clarity on how much cash it needs — not just for annual AGR dues (estimated at over ₹7,000 cr, beginning March 2022) but also for expanding its 4G network.