Oaktree, Varde proposes up to $2.5 billion investment in Vodafone Idea
A consortium led by Oaktree Capital, including private equity firms Varde Partners, has proposed to invest around 2.0-2.5 billion dollars into Vodafone Idea through hybrid debt papers. In September, Vodafone Idea announced its plans to raise 3.4 billion dollars by selling shares and debt. Shares of Vodafone Idea rose as much as 4.4% on Thursday in Mumbai.
Vodafone Idea had in September announced raising funds to the tune of ₹25,000 crore, through debt and by selling shares, even as it continues to lose millions of wireless users every month in an extremely competitive market. The process of fundraising is yet to start.
The company has also been in talks with other potential investors to raise funds amid mounting losses and shrinking revenues. The dialogue between Vodafone Idea and investors was paused as the telco first wanted clarity from the Supreme Court on staggered payment of adjusted gross revenue (AGR)-related dues that could have threatened the survival of the telecom operator.
On 1 September, the top court gave telecom operators ten years to pay off their AGR dues including interest, penalty and interest on penalty. The court directed telcos to make an upfront payment of 10% of their total AGR dues by 31 March, and clear the remaining debt in ten annual and equal installments starting 1 April, 2021.
Vodafone Idea has paid ₹7,854 in AGR dues, but still owes more than ₹50,000 crore to the department of telecommunications.
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