Rules-based framework should be put in place up front for govt to exit from Vi, sell 35.8% stake to public. This should prevent future govts from treating it permanently as PSU.
Aiming to reassure investors, Vodafone Idea CEO & MD Ravinder Takkar said the govt wanted three private players in the market and promoters to run the company.
The move will result in dilution for all the existing shareholders of the company. Vodafone Group will own around 28.5% and Aditya Birla Group will have about 17.8%.
The bank loan, if it materialises, will be a lifeline for the company which hasn’t reported annual profit since Mukesh Ambani's Reliance Jio unleashed a tariff war in 2016.
The board of directors of Vodafone Idea have accepted Birla's request & Himanshu Kapania, a telecom industry veteran, has been appointed as the non-executive chairman.
According to official data, VIL had an adjusted gross revenue liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.
A two-judge panel headed by L. Nageswara Rao Friday dismissed the petitions by Vodafone Idea and Bharti Airtel Ltd Friday, without without giving reasons.
The telecom giant had previously said it would not plow any more of its own money into the indebted, loss-making business that may become insolvent without govt help.
The telecom operator is working to identify potential investors in US & could also raise part of the funds through other methods such as an offering of equity-linked securities.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
COMMENTS