Vodafone Idea board to discuss fundraising issue on Oct 21

Vodafone Idea NSE 0.00 % (Vi) has said its board will meet on October 21 to consider raising funds by issuing preferential convertible debentures to a vendor.

Industry executives and analysts said this vendor could be Indus Towers, but this couldn’t be independently confirmed by ET. Vi and Indus Towers NSE 1.05 % did not respond to queries on the issue. Vi owes the tower company around ₹6,800 crore.

“A meeting of the board of directors of the company is scheduled on 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.