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On February 27, the companys board approved the proposed fundraising plan. With shareholders approval in place, the company expects to complete the equity fund raise in the current quarter.
During the Q2 earnings call, Vis chief executive Akshaya Moondra told analysts that the telco expected to conclude its discussions relating to (funding from potential) equity investors in this quarter (Q3FY24). He had added that Vis talks with banks had already happened and that the current focus is on tying up the equity investment, basis which the banks would process the telcos requests for bank funding.
Telecom operator Vodafone Idea on Tuesday said that the government will own around 35.8 per cent of the country's third-largest wireless phone operator after its board approved the conversion of dues into equity. Voda Idea's board approved the conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of the airwaves into equity.