Vodafone Idea expects to close external equity funding in December Quarter

Mumbai: Cash strapped telco Vodafone Idea expects to close its much delayed external equity linked funding in the coming December quarter with the talks having picked up momentum in the last one month, chief executive Akshaya Moondra said Wednesday. The funding is critical for the telco which hasn’t posted a profit since the merger of Vodafone India and Idea Cellular in August 2018, and has been rapidly losing subscribers to rivals Reliance Jio and Bharti Airtel.

After the equity and equity linked fund raise, India’s only loss-making private telco will be able to raise debt from a consortium of banks as well, he added, since the banks had asked for equity linked funding to be tied up before they commit to lending money.