The board meeting of Vodafone Idea Limited (VIL) is scheduled to be held on June 22, in which the proposal to raise Rs 500 crore from Vodafone Group will be considered and approved. This amount will be raised by issuing equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group.
VIL told this thing
VIL told the stock exchange on Sunday evening, "On a proposal to raise funds up to Rs 500 crore by issuing equity shares or convertible warrants on a preference basis to one or more entities belonging to the Vodafone Group (one of the promoters of the company). A meeting of the company's board of directors will be held on Wednesday, June 22, 2022 to consider." This step has been taken at a time when the Indian telecom market is ready for 5G spectrum auction.
Debt-ridden Vodafone Idea had chosen this option
Let us tell you that the debt-ridden Vodafone Idea (VIL) had opted to convert the interest liability of about Rs 16,000 crore due to the government into equity. Due to this, the government was to have about 33 percent stake in the company. Meanwhile, DoT sources said that VIL's equity conversion proposal is in the final stages and necessary approvals on the same are expected to start in 7-10 days.
Vi was named like this
Actually Vodafone Idea company had announced its new name almost two years after the merger. After which Vodafone Idea came to be known by the new name Vi. During Vi's announcement, CEO Ravindra Takkar had said, "The fusion of the two brands is the largest telecommunications amalgamation in the world." Due to this we have got to see a rise of 10 percent in the stock. During that time with the announcement of the new name, the company did not make any changes in its tariff plan.