Vodafone Idea Limited (VIL) has held an Extraordinary General Meeting (EGM) on Tuesday, April 2, 2024, to seek shareholder approval for a major fundraising, the company announced in an exchange filing on April 3. The meeting held virtually, aimed to obtain authorization for the issuance of securities until ₹20,000 crore (about $2.4 billion).
The company did not disclose the election results during the press release. Shareholders will receive a separate communication about the result.
“The results of the voting will be communicated to you separately,” said Executive Vice President and Company Secretary stated in an official communication, underlining the importance of the fundraising effort for the future operations of Vodafone Idea.
This move comes amid VIL’s ongoing financial struggles. The telecommunications operator is fighting a heavy debt load and subscriber losses. The additional capital could be used to improve its network infrastructure, invest in new technologies such as 5G and potentially settle some of its outstanding debts.
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Published: 03 Apr 2024, 14:00 IST