Cash-strapped telecom operator Vodafone Idea (Vi) has announced an unexpected meeting with investors and analysts on September 23.
In a stock exchange filing, Vi said the 30-minute call will address ‘recent events’. The call with the company’s senior management will feature chief executive officer Akshaya Moondra and chief financial officer Murthy GVAS, supported by other senior executives.
The announcement comes just a day after the Supreme Court dismissed petitions from several telecom operators, including Vodafone Idea and Bharti Airtel, concerning the re-computation of Adjusted Gross Revenue (AGR) dues. The judgement had permitted the Department of Telecommunications (DoT) to include all non-telecom revenue in calculations of AGR.
The telco had pinned its hopes on court relief for these payments but now faces the prospect of navigating further financial turbulence. The ruling marks a major blow to Vi, which is in the middle of a debt funding process and is seeking up to Rs 35,000 crore in loans from several banks.
Cash-strapped Vi had reported a total debt of Rs 2.09 trillion at the end of the first quarter (April–June) of FY25, including deferred spectrum payment obligations it owes to the government. This includes deferred spectrum payment obligations of Rs 1.39 trillion and AGR liability of Rs 70,320 crore due to the government.
The Vi stock rose 1.35 per cent on Friday to close at Rs 10.52 a piece, a day after plummeting by 19.7 per cent.
First Published: Sep 20 2024 | 8:39 PM IST
