Government approves Woda-Idea's FDI proposal, plans to raise Rs 15,000 crore

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New Delhi, 22 July 2021 Thursday

The government has approved a proposal by Vodafone Idea for an investment of up to Rs 15,000 crore by Foreign Direct Investment (FDI). The government’s approval is a competent approval and no fund-raising deal has been sealed yet.

Shares of Vodafone Idea rose 2.78 per cent to close at 9.25 on the Bombay Stock Exchange (BSE) today. The maximum capital to be raised should be Rs 15,000 crore, and therefore approval had to be sought. "

In the fourth quarter, Rs. Consolidated loss of Rs 7,022.8 crore

Debt-ridden telecom company Vodafone Idea's consolidated loss fell to Rs. 7,022.8 crore. The main reason for this is to reduce costs. The company had reported a net loss of Rs 11,643.5 crore in the same quarter last fiscal. For the quarter ended March 31, 2021, the company's total revenue fell 19 per cent to Rs 9,647.8 crore from Rs 11,920.4 crore in the same quarter of FY 2019-20.

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