Aditya Birla Group looking to raise funds for Vi at promoter level: Report

Aditya Birla Group is in discussions with banks to raise funds at a promoter level for an equity infusion into Vodafone Idea (Vi), a report in the Economic Times (ET) said. The group is reportedly looking to raise long-term debt and use preferential share allotment as its route.

This comes after the Centre agreed to convert dues worth Rs 16,133 crore into equity.

“But it is likely it will liquidate its remaining stake of 21.05 per cent in Indus Towers and use the funds to invest…Alongside, efforts are also underway to rope in a third long-term investor,” a person aware of the matter told ET.