Vodafone Idea board meet on Oct 21 to consider fundraise via convertible bond issue to vendor

Vodafone Idea (Vi) has convened a board meeting on October 21 to consider a fundraise via issuance of convertible debentures as it urgently needs cash to invest in network capex and rein in heavy customer losses to rivals Reliance Jio and Bharti Airtel.

“A meeting of the board of directors of the company is scheduled to be held on Friday, October 21, inter-alia, to consider and evaluate a proposal for issuance of debenture securities convertible into equity shares on a preferential / private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including approval of the shareholders of the company,” Vi said in an exchange filing.