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Mumbai: GQG Partners, an investment firm, and State Bank of India Mutual Fund are contemplating a combined investment of around $800 million in the $2.16 billion share offering of telecom company Vodafone Idea, media reported.
India's telecommunications industry is primarily dominated by Bharti Airtel and Reliance Jio, with Vodafone Idea (Vi) striving to catch up. Vi has initiated a fund infusion plan, starting with a preferential share issue to raise Rs 2,075 crore from an Aditya Birla Group entity, essential for its financial revitalization. Vi aims to raise a total of Rs 45,000 crore through a combination of equity and debt, offering a glimmer of hope for the struggling telco
India's telecommunications industry is primarily dominated by Bharti Airtel and Reliance Jio, with Vodafone Idea (Vi) striving to catch up. Vi has initiated a fund infusion plan, starting with a preferential share issue to raise Rs 2,075 crore from an Aditya Birla Group entity, essential for its financial revitalization. Vi aims to raise a total of Rs 45,000 crore through a combination of equity and debt, offering a glimmer of hope for the struggling telco
Vodafone Idea was formed by the merger of Aditya Birla Groups Idea Cellular and the India unit of Vodafone Plc in 2018. The board also approved an increase in authorised share capital to Rs 1 lakh crore from Rs 75,000 crore.
The telecom operator was on the verge of collapse. The Modi government saved it.