Vodafone Idea aims to secure funding by December end

Vodafone Idea Ltd is expected to conclude talks for securing funding from investors within this quarter, chief executive Akshaya Moondra said during its earnings call on Monday.

- Gulveen Aulakh

The promoters’ commitment to put in an additional ₹2,000 crore stands and will likely come in alongside investments from external investors, Moondra said, adding that the telco settled spectrum dues in the last quarter using bank debt, which will be repaid by March-end. “I would expect that we should be able to conclude these discussions relating to the equity invested in this quarter," he said.

“In the last quarter, we have gotten a letter from the promoters that support us to the extent of ₹2,000 crore. Till date, they have not actually contributed anything. We have gotten some bank funding to tide over the short-term mismatch we had in the last quarter. The promoters’ commitment is there. They have said they will support as and when required, and we expect that this contribution should also come alongside the tie-up with external investors," he added.