Vodafone Idea Limited (VIL) may go for pure equity round instead of going for hybrid debt as they planned in trying to raise $2 billion in funds, according to a Mint report.
The Supreme Court had, in September, extended their deadline to repay their regulatory dues and VIL decided to combine debt and equity to raise Rs.25,000 crore in order to repay the outstanding dues. The original plan was to raise $2 billion dollars (around Rs.15,000 crore) through hybrid instruments, which would be followed by equity raise.
A person aware of the development was quoted by Mint as saying, “The company now plans to raise capital via a fresh equity issuance through a qualified institutional placement (QIP).” The fundraising might be done in two tranches and the second tranche will take place only after there in an improvement in stock price, according to the person.