Vodafone Thought misplaced 4.7 million subscribers in May, data reveals
Bengaluru:
Vodafone Thought talked about on Friday it might improve as a lot as Rs 25,000 crore ($3.41 billion) in up to date capital as a result of the telecom operator tries to repay the hefty dues it owes to the federal authorities. The loss-making service has been ordered by the nation’s prime courtroom docket to pay roughly Rs 50,000 crore ($6.81 billion) in dues to the federal authorities over a 10-year interval and it has to this point paid Rs 7,854 crore. Vodafone talked about it might improve as a lot as Rs 15,000 crore by the use of debentures and an equal amount by issuing shares and warrants, nevertheless collectively shouldn’t be going to exceed Rs 25,000 crore.
The plan to carry up to date capital moreover comes as a result of the nation’s third largest telecom operator grapples with an erosion in subscriber base ensuing from a price battle triggered by Reliance Industries’ telecoms enterprise, Jio Infocomm.
Vodafone misplaced 4.7 million subscribers in May alone, data from the nation’s telecom regulator confirmed, whereas its gross debt stood at Rs 1.19 lakh crore as of June-end.
The three approach partnership between Britain’s Vodafone Plc and Thought Cell had remaining month reported its eight straight quarterly loss and unveiled a plan to chop again costs by Rs 4,000 crore a 12 months over 18 months.
