Voda Idea decides to raise ₹25,000 cr

Vodafone Idea Ltd on Friday said it will raise as much as ₹25,000 crore as the company seeks to pay off dues and restore its financial health after last year’s adverse Supreme Court order threatened its survival.

The company’s board has approved the fundraising just days after the top court allowed telcos, including Vodafone Idea, 10 years to settle about ₹1.4 trillion in dues to the telecom department. Out of this, Voda Idea owes the government more than ₹58,000 crore.

The fundraising will be through the sale of shares and non-convertible debentures, the company said in an exchange filing. Both routes of fundraising have a limit of ₹15,000 crore each.