Vodafone Idea Ltd. will make a vital strategic announcement on Monday (7th Sept). The firm appears to be like to tackle rivals which have been luring subscribers. Voda-Idea struggling at No. 3 position in a fiercely aggressive market of wireless providers.
However, in an exchange filing, the firm has stated it would make an important broadcast on September 7 via a digital platform. People also can access the session through virtual platform named as www.vilwebcast.com. The firm has requested to those who want to attend to pre-register for the event earlier than 11:45 am.
This comes a few days after the carrier’s board permitted as much as Rs 25,000-crore fundraising. They can do this either issuing equity shares, international depository receipts, American depository receipts. Even the firm can raise a fund from abroad forex bonds, convertible debts, or warrants. In fact, various reports stated that Amazon and Verizon are planning to invest $4 billion in the firm. However, the firm also clears that there is no such a proposal being thought about at present. In fact, the telecom operator stated the company continuously seeking many options for raising the stakeholders worth.
Supreme Court’s AGR Relaxation
On 1st Sept, the Supreme Court of India prevailed that a staggered payment of Additional Gross Revenue (AGR) could allow dues. The firm had requested 15 years to pay the amount. Voda-Idea says it might be very tough for them to survive, broaden for a longer time. The firm also pointed that the competitors are preparing for the launch of 5G technology; so firm also have to be in the race.
Voda-Idea’s Recent Revenue Stats
Vodafone Idea suffered a net loss of Rs 25,460 crore in the quarter ended in June. Its revenue fell 9.3% steadily to Rs 10,660 crore. Its operating revenue also declined 6% quarter-on-quarter to Rs 4,100 crore. The firm also lost 580 basis points in revenue market share throughout the interval.
The Kumar Mangalam Birla (Vodaphone owner) has not too long ago received some legal relief from the Supreme Court. In fact, this battle last for almost two-decade with the ministry over judgment of AGR. The firm owes Rs 50,400 crore from the Department of Telecommunications in past dues. They weigh it down by the Rs 1,65,900-crore debt (including AGR liabilities).
Throughout the June quarter, the firm has recognised a charge of Rs 19,440 crore as a distinctive merchandise. It was applies towards the total estimated AGR liabilities. In addition, it estimated recognised legal liability of Rs 46,000 crore as on March 31. It posted a merged loss of Rs 25,460 crore for June quarter as in opposition to a loss of Rs 4,873 crore within the comparable quarter of last fiscal.
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