Mumbai (Maharashtra) [India] December 18 : Vi (Vodafone Idea) on Thursday announced the successful fundraise of Rs 3,300 crore through the issuance of unlisted, unrated, secured Non-Convertible Debentures (NCDs), issued by Vodafone Idea Telecom Infrastructure Limited (VITIL), its subsidiary entity.
The fundraise saw strong interest exceeding the NCD issuance, from a diversified group of marquee investors, including large Non-Banking Financial Companies (NBFCs), Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs).
The proceeds from this issuance will be utilized by VITIL to repay its payment obligations to Vi. This will enable Vi to bolster its capex and support business growth.
Speaking on the development, Abhijit Kishore, CEO, Vi said, "This fresh fundraise reinforces investor confidence in our strategy and long-term vision. This capital strengthens our momentum as we continue to scale our network and enhance services for our customers. Discussions relating to long-term debt raise to support capex are ongoing with banks."
JM Financial Products Ltd. acted as the exclusive Debt Arranger in relation to this fundraise.
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