Cash-strapped telecom operator Vodafone Idea (Vi) on Thursday said its board will meet on February 27 to consider fundraising proposals.
Vi said the board of directors will consider and evaluate all proposals for "raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination". The fundraising could be through equity or debt instruments, the BSE filing said.
"The Board of Directors of Vodafone Idea Limited will be held on Tuesday that 27 February 2024, to consider and evaluate any proposals for raising funds in one or more tranches...," it said.
Vodafone Idea shares closed 6.27 per cent higher at Rs 16.28 per share on the BSE on Thursday.
Aditya Birla group chairman Kumar Mangalam Birla, who is a non-executive director of Vodafone Idea, has underlined the group's commitment to the cash-strapped telco and asserted that efforts are on to rope in external investors.
On how soon such investors could be onboarded, Birla said "We are making good progress but can't put in a timeline".
"We remain very committed to Vodafone Idea, and as we have said in the public domain, efforts are on to get outside investors," he had said speaking at a conference here to mark the launch of the group's decorative business.
Vodafone Idea has yet to launch its 5G network and and has been in talks for several months with lenders and investors to raise funds. Larger rivals Bharti Airtel and Reliance Jio have rolled out their 5G services in most parts of the country.
Vi's management in October had said the promised promoter funding commitment of Rs 2,000 crore should close in the December quarter.