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Aditya Birla Group looking to raise fund for Vi
February 15, 2023
This comes after the Centre agreed to convert dues worth ₹16,133 crore into equity.
“But it is likely it will liquidate its remaining stake of 21.05 per cent in Indus Towers and use the funds to invest. Alongside, efforts are also underway to rope in a third long-term investor,” a person aware of the matter told ET.
A senior banker told ET that the group has raised money in the same way earlier too. It was used to increase liquidity in the company. After the equity conversion, the Centre’s stake in Vi is 33.1 per cent. Aditya Birla Group and Vodafone own 32 per cent and 18 per cent, respectively.
The telco has been struggling to raise money and improve its operational efficiency. As on December 31, the company’s gross debt was ₹2.23 trillion. At the same time, as on March 2022, its net worth was ₹61,965 crore.
Reports have also stated that the company is looking to refinance ₹3,000-4,000 crore worth of loans and is in talks with Indian banks for the same.
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