Vodafone Idea slips 4% amid reports of fund raising plan hitting a snag

Shares of Vodafone Idea (Vi) slipped over 4 per cent to Rs 10.53 on the BSE in intra-day trade on Friday amid reports that the debt-laden telco’s fund-raising plans have landed in a soup.

Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default, a report by Economic Times stated.

The report added that while talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group and Aditya Birla Group is already exploring other potential funding partners and is confident of securing funding by the end of this month, according to its sources.