Vodafone Idea to seek shareholders’ nod to raise borrowing limit to Rs 1 lakh crore

Debt-ridden telecom operator Vodafone Idea on Monday said it will seek shareholders’ approval to raise borrowing limit to Rs 1 lakh crore, at the annual general meeting (AGM) scheduled to be held on September 30. Shareholders of the company, which was earlier listed as Idea Cellular, had approved a borrowing limit of Rs 25,000 crore at AGM in September 2014.

In a regulatory filing, Vodafone Idea Ltd (VIL) said as the resolution passed by the company in September 2014 did not specify the securities premium, a necessary amendment is required to include securities premium in the borrowing powers. It also said that after the amalgamation of erstwhile Vodafone India Ltd and Vodafone Mobile Services Ltd with the company in August 2018, “it is felt necessary that a fresh resolution be passed, encompassing the total overall borrowing limits of the company, post the amalgamation”.