Voda Idea to raise ` 25,000 cr

New Delhi, Sept. 4: Beleaguered telecom operator Vodafone Idea on Friday approved plan to raise up to RS. 25,000 crore through a combination of equity and debt instruments to keep the company afloat.

The decision came days after the Supreme Court directed telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting next fiscal year.

The fund-raising will throw a lifeline to cashstrapped VIL, which has suffered massive losses, as it has been losing subscribers and average revenue per user and faces outstanding AGR dues of about Rs 50,000 crore.

In a filing on Friday, Vodafone Idea said its board has approved raising of funds through a combination of equity and debt instruments and that the total fund-raising will not exceed Rs 25,000 crore.

The company will consider fund-raising through global depository recei-pts, American depository recei-pts, foreign currency convertible bonds, convertible debentures or warrants.

The fund-raising plans are subject to shareholders' nod and other statutory approvals. The proposals will be taken up at the company's annual general meeting on September 30.

The filing mentioned, "issuance of unsecured and / or secured, non-convertible debentures up to an aggregate amount of Rs

15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches".

Recent reports had suggested that Verizon and Amazon may invest over $4 billion into the company, but Vodafone Idea had on Thursday clarified that there is no such proposal currently before the board at yet.

Vodafone Idea's overall AGR dues stood at over Rs

58,000 crore, of which the company has paid Rs 7,854 crore to the Department of Telecom so far