Vodafone Updates: On Friday, Vodafone Idea shares closed at Rs. 8.2, down 3.5 percent from the previous day’s finish.
- On Wednesday, Vodafone Idea’s Board of Directors will convene.
- The company’s stock will remain unavailable for trade.
- On June 25, the company’s securities trading window will reopen.
The Board of Directors of telecom operator Vodafone Idea will meet on Wednesday to consider a proposal to raise funds of up to Rs 500 crore by issuing equity shares or According to a regulatory filing to the stock exchanges, one or more Vodafone Group firms would receive convertible warrants first.
One of the telecom operator’s promoters is the Vodafone Group.
According to the filing, the trading window for dealing in the company’s shares will remain closed for all designated people under the company’s Code of Conduct, and will stay closed for 48 hours following the conclusion of the Board meeting, or until June 24, 2022, both days inclusive.
According to the filing, the company’s trading window for dealing in its securities will resume on June 25, 2022
THE COMPANY’S STOCK FINISHED AT RS. 8.2 PER SHARE ON FRIDAY, DOWN 3.5 PERCENT FROM THE DAY BEFORE:
Vodafone Idea’s aggregate net loss was Rs. 6,563 crore for the fourth quarter of 2021-22 in May this year, down from Rs. 7,023 crore in the same period previous year.
The company’s revenue for the quarter ending March 2022 increased by 6.46 percent year on year to Rs. 10,240 crore, up from Rs. 9,647.8 crore the previous year.
The company’s revenue increased by 5.4 percent quarter over quarter in January-March 2022.
In a statement, Vodafone Idea noted that revenue growth was aided by tariff increases that took effect on November 25, 2021.
“Thanks to tariff increases adopted in November 2021, we are pleased to record revenue growth for the third quarter in a row.”
While the pricing change has hurt the total subscriber number, the 4G subscriber base has continued to expand as a result of Vi GIGAnet’s better internet and voice experience, according to Ravinder Takkar, MD and CEO of Vodafone Idea Limited.
“During the quarter, we added many new digital offerings across multiple genres as part of our effort to provide a differentiated digital experience for our clients.
With a preferential equity investment of Rs. 45 billion from our promoters, we successfully concluded the first tranche of fundraising.
We are continuing to actively interact with lenders and investors in order to raise further funds “Takkar continued.
The company’s total gross debt (excluding lease liabilities and including interest accrued but not payable) as of March 31, 2022 was Rs. 1,97,880 crore, consisting of Rs. 1,13,860 crore in deferred spectrum payment obligations, Rs. 65,950 crore in AGR liability owed to the government, and Rs. 18,070 crore in debt from banks and financial institutions.