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Vodafone Idea Update: Aditya Birla Group Chairman Kumar Mangalam Birla has once more returned to the board of Vodafone Idea, the nation’s third largest telecom firm. Kumar Mangalam Birla has returned to the corporate’s board as a further director. His return to the Board of the Company is efficient from April 20, 2023.
Kumar Mangalan Birla was the chairman of Vodafone Idea two years in the past. But then he left the put up. But the inventory change has been knowledgeable in its regulatory submitting {that a} assembly of the Board of Directors has been held on Thursday, April 20, during which Kumar Mangalam Birla has been appointed because the Additional Director. Aditya Birla Group holds 8.36 per cent stake in Vodafone Idea.
Let us let you know that Vodafone Idea goes by way of a giant monetary disaster. The firm has an impressive debt of Rs 2.23 lakh crore. But in February this 12 months, authorities dues of Rs 16,133 crore had been transformed into fairness, after which the federal government turned the biggest stakeholder in Vodafone Idea. The authorities holds about 33 per cent stake within the firm. Shares have been issued to the federal government at a face worth of Rs.10. Currently, the share of Vodafone Idea is buying and selling at Rs.6.05. That is, the federal government is struggling a lack of 40 % on the funding.
Actually Vodafone Idea is immersed within the burden of debt and it wants large capital to run the corporate. There has been discuss of infusing capital from the promoter facet of the corporate for a very long time, which has not occurred but. Vodafone Idea wants Rs 40,000 to 45,000 crores to function in a greater manner. If 50 % of that is obtained as a mortgage from the financial institution, then the remaining quantity must be deposited by the promoter. Without promoter’s funding neither any investor is keen to put money into the corporate nor any financial institution is on the point of give mortgage to the corporate. The firm just isn’t capable of elevate cash even from international buyers.
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