Fundraising: VIL board to mull issue of debentures convertible into equity shares to vendor on Oct 21

The board of cash-strapped Vodafone Idea NSE 0.59 % (VIL) is slated to meet on October 21 to consider issuance of debentures convertible into equity shares on a preferential basis to a vendor, the telco has said. The move comes amid large-scale network deployments across the country for 5G services, the much-talked about next-generation technology that promises ultra-high internet speeds, lag-free connectivity, and new-age applications.

VIL’s larger rivals, both Reliance NSE 0.26 % Jio and Bharti Airtel NSE 0.89 %, have drawn up ambitious plans and committed firm timeines for expanding network coverage in India, the world’s second-biggest smartphone market after China.