Vodafone Group proposes to offer stake in Vodafone Idea to lenders, BSNL for free: Report

Vodafone Plc, which owns a 45% stake in the debt-laden Vodafone Idea Limited (VIL), has proposed to offer its stake for free to lenders/financial institutions or to the state-run Bharat Sanchar Nigam Limited (BSNL), on the condition that they take over the ailing telco, Business Standard reported citing banking sources familiar with the matter.

Lenders told the publication if BSNL takes over the company, the dues paid by the merged BSNL-Vi entity would be a book entry.

The development comes less than two months after Aditya Birla Group (ABG) chairman Kumar Mangalam Birla offered to hand over the group’s 27.66% stake in Vi to any public sector or domestic financial institution that can keep the cash-strapped telco afloat.