Top management of India’s third-largest carrier, Vodafone Idea, are set to meet institutional investors in Singapore and Hong Kong next week, as it looks to raise funds from overseas entities to meet its capex needs planned for the coming years.
The Aditya Birla Group-backed carrier said in an exchange filing on March 11 that it will meet institutional investors in Singapore on 16 March and in Hong Kong on 17 March. The meetings, it said, would be one-on-one and in groups, without sharing details on the identity of the investors or the type of funding the discussions are likely to be about.
Debt-laden yet hopeful of correction in its adjusted gross revenues (AGR) dues, Vodafone Idea laid out a three-year strategy — VI 2.0 — in January this year under its new chief executive officer Abhijit Kishore, which included double-digit revenue growth, tripling its operating profit and sustained subscriber additions. The total capex investment proposed for the overhaul will be about ₹45,000 crore, taking the total investment made by the company to over ₹60,000 crore till that time. The company raised ₹18,000 crore from a follow-on public offer in April 2024.
The telecom operator has been planning to raise ₹25,000 crore in bank funding and ₹10,000 crore in non-funded facilities to support the capex plan. Investments from institutional investors are likely to be on the non-funded side, said market experts. Vodafone Idea’s stock fell 1.34 per cent on Thursday to close at ₹9.58 on the BSE, recovering from a sharper fall earlier in the day.
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