NEW DELHI: Debt-ladden telecom major Vodafone Idea has approved a fund raising plan of up to Rs 25,000 crore as it tries to pay off the hefty dues it owes to the government.
In a regulatory filing, the company said: “We wish to inform you that the board of directors, at its meeting held today has, subject to the approval of shareholders’ (where applicable) and / or other requisite regulatory / statutory approvals, approved the raising of funds. However, the total raising of funds shall not exceed Rs 25,000 crore.”
The decision comes two days after the Supreme Court said that Vodafone will get 10 years to pay legacy dues, known as AGR (adjusted gross revenue) dues.
Vodafone Idea has to pay Rs 50,000 crore through yearly instalments, plus the accrued interest.