Vodafone Idea shareholder injects cash for debt

Vodafone Idea shareholder injects cash for debt

Indian operator Vodafone Idea received a loan of INR20 billion (US$240 million) to aid it in making scheduled payments, as the operator continues to grapple with high debt.  

The cash injection stems from a shareholder but their identity was not revealed, reported Reuters. Vodafone Idea’s debt currently stands at INR2.12 trillion due to deferred payment for spectrum amounting to INR1.34 trillion, and adjusted gross revenues dues of INR668.6 billion to the government.

The operator also has debt from banks and financial institutions amounting to INR95 billion and convertible debentures amounted to INR16.6 billion.

Vodafone Idea recently stated it will pay spectrum instalments of INR16.8 billion with interest after being granted a 30-day grace period, it is now due on August 17.

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