Vi's much-needed ₹1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco.
The development spells further trouble for the company, which has an overall debt pile of ₹2.2 trillion, including hefty dues to the government.
This comes in the midst of a group-level crisis at Vodafone, the Newbury (Berkshire)-headquartered partner of the Aditya Birla group in Vi.
Monday, On Vodafone had announced the resignation of group CEO Nick Read after he failed to halt the continuous slide in the share price and get the big global merger deals going.
Back home on Tuesday, Vi informed the stock exchange that the shareholder resolution for issue of optionally convertible debentures to American Tower Corporation (ATC) had lapsed in the absence of an approval from the government for conversion of interest on adjusted gross revenue and spectrum dues into equity.
The issuance of equity stake to the government is a condition for fund infusion by ATC.
This story is from the December 07, 2022 edition of Business Standard.
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This story is from the December 07, 2022 edition of Business Standard.
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