BackVodafone Idea issues clarification on reports of Amazon's investment
Vodafone Idea said there is no proposal currently as reported by the media that is being considered by the board
PremiumVodafone Idea (Vi) on Wednesday issued clarification on reports of the telecom firm being in talks with Amazon, private equity firms (PEs) for ₹20,000 crore investment in the company, saying that there is no proposal currently as reported by the media that is being considered by the board.
The clarification comes after a news report suggested that retail major Amazon and a clutch of investors are in talks with Aditya Birla Group to invest up to ₹20,000 crore in Vodafone Idea. The proceeds of the sale will be used to bid for the upcoming 5G auction of spectrum and capital expenditure for the roll-out of services by year-end.
Apart from Amazon, the group is talking to private equity investors planning to take an exposure to the telecom sector in India, the report added.
“Currently, there is no proposal as reported by the media that is being considered by the Board. We wish to reiterate and clarify that the Company will comply with SEBI Listing Regulations and duly keep the stock exchanges informed of all the price sensitive information," Vi said in an exchange filing today.
The board of directors at its meeting held on 4 September 2020, had approved raising of funds upto an aggregate amount of ₹25,000 crore, the intimation of which was already filed with the stock exchanges on the same date.
The company said its keeps exploring various opportunities and options to raise funds within the authorizations given by the board. As and when such proposals are considered by the board of directors of the company that warrant disclosures, the company complies with the disclosure obligations under the SEBI, it said.
In September 2020, Vodafone Idea board approved up to ₹25,000 crore fund-raising plan through share sale and debt - by issue of equity shares via public issue, preferential allotment, private placement or qualified institutional placement (QIP), and through non-convertible debentures (NCDs).
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
