No such proposal before the board: VIL on reports of investment by Verizon, Amazon

  • 8 months ago
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NEW DELHI: Amid reports suggesting that Verizon and Amazon may invest over $4 billion in the company, Vodafone Idea on Thursday said while it constantly evaluates various opportunities as part of corporate strategy, there is no such proposal currently before its board.
As and when various proposals are considered by the board warranting disclosures, the company will comply with the disclosure obligations under the SEBI rules, Vodafone Idea said in a regulatory filing.
“As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value…Currently, there is no proposal as reported by the media that is being considered at the board,” VIL said.
The VIL filing came after BSE sought clarification from the company on Thursday over a media report suggesting that Verizon and Amazon could invest over $4 billion in Vodafone Idea.
“We wish to reiterate and clarify the company will comply with SEBI listing regulations and duly keep the stock exchanges informed of all the price sensitive information,” VIL added.
It is pertinent to mention here that the Vodafone Idea board is scheduled to hold a crucial meeting on Friday to consider fund-raising through various means.
The development comes following the Supreme Court verdict directing all telecom operators to pay 10 per cent of total Adjusted Gross Revenue (AGR)-related dues this year, and rest of the payments in 10 instalments starting from next fiscal year.
Vodafone Idea has AGR dues of over Rs 58,000 crore, of which the company has paid Rs 7,854 crore to the Department of Telecom so far.
In a filing earlier this week, the company had said that the board at its meeting will “consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or combination thereof…by way of issue of equity shares or by way of issue of any instruments.”
The board will also consider raising funds through securities including securities convertible into equity shares, global depository receipts, American depository receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed, it said.

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