Vodafone’s Investment In Idea Cellular Of Rs 20000 Crores will benefit Idea users. Akshay Mundra, Chief Finance Officer, Vodafone said – “We have given a total of 270 billion rupees as capital expenditure for the financial year 2018-19 and 2019-20, in which about 70 billion rupees spent in the first nine months There is a plan to invest 200 billion rupees in the next 15 months. “
The company also plans to raise another Rs 25000 crore via the company’s rights issue. The companies promoter shareholders of Vodafone Group and Aditya Birla Group, reiterating their commitment to the Board of Directors. They confirmed they intend to contribute up to Rs 11,000 crore and Rs 7,250 crore as part of the proposed rights issue.
Shareholders also said that if a portion of the rights issue is not sold, then they are keeping the right to buy the whole or part of the remaining portion themselves.
Mundra further while speaking with the analyst said the capital expenditure of 27,000 crore rupees has not been included in that capacity, which would be made by re-utilizing the equipment with the combination of operating between Vodafone and Idea. This kind of capacity has been valued at Rs 6,200 crore.
The additional investment in Idea Cellular will certainly improve the functioning and facilities and benefit Idea users.
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