“Vi (Vodafone Idea) today announced the successful fundraise of INR 3,300 crore through the issuance of unlisted, unrated, secured Non-Convertible Debentures (NCDs), issued by Vodafone Idea Telecom Infrastructure Limited (VITIL), its subsidiary entity,” the company said in an exchange filing.
According to the company’s statement, the secured, unlisted, and unrated NCDs saw strong demand, with interest exceeding the issue size. The offering attracted participation from a diversified pool of marquee investors, including large Non-Banking Financial Companies (NBFCs), Foreign Portfolio Investors (FPIs), and Alternative Investment Funds (AIFs).
The proceeds will be used by VITIL to repay its obligations to Vodafone Idea. This repayment is expected to enable the telecom company to support its capital expenditure (capex) plans and business growth.
Commenting on the development, Vodafone Idea CEO Abhijit Kishore said, “This fresh fundraise reinforces investor confidence in our strategy and long-term vision. This capital strengthens our momentum as we continue to scale our network and enhance services for our customers. Discussions relating to raising long-term debt to support capex are ongoing with banks.”
On Thursday, the shares of Vodafone Idea closed 1.5% higher at Rs 11.31 on the BSE.
On the technical side, the stock is trading above all its short, medium and long-term exponential moving averages and is oscillating near the 62.5 mark on the RSI, according to Trendlyne data.Also read: This Indian semiconductor stock’s world-beating 55,000% rally raises AI bubble fears
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