Vodafone Idea calls investor meet amid panic on D-Street due to SC’s AGR ruling

The company’s agents for the conference call will certainly include Akshaya Moondra, Ceo, and Murthy GVAS, Chief Financial Policeman, together with assistance from the elderly monitoring group.

Vodafone Concept, the joint endeavor between UK’s Vodafone Plc and India’s Aditya Birla Group, in which the Indian federal government holds a 23.8% stake, might find itself back at fresh start. As of March 31, 2024, the business owed an incredible Rs 2,03,430 crore to the federal government. This consists of Rs 1,33,110 crore in deferred spectrum payments and Rs 70,320 crore in AGR (modified gross earnings) liabilities. The telco had expected court alleviation on these payments, but it remains knotted in economic uncertainty.

However, Vodafone Idea’s discussions with vendors and lenders remain on track, in spite of the problem in its alleviative request on the adjusted gross profits (AGR) problem in the High court, ET reported pointing out people familiar with the issue. Sources state the application’s outcome was not factored right into the company’s business strategies or arrangements. One insider mentioned that the application was not considered in the business strategy provided to loan providers. The techno-economic assessments performed by the loan providers were additionally positive and made no referral to the medicinal ruling.

Vodafone Concept has actually scheduled a meeting with capitalists and experts on September 23 to talk about current events. Vodafone Concept, the joint endeavor in between UK’s Vodafone Plc and India’s Aditya Birla Group, in which the Indian federal government holds a 23.8% stake, might discover itself back at square one. Vodafone Concept’s conversations with vendors and loan providers continue to be on track, despite the problem in its alleviative application on the modified gross earnings (AGR) issue in the Supreme Court, ET reported citing people familiar with the matter.

Shares of debt-laden telecom titan Vodafone Concept had collapsed following the SC ruling and it had gone down listed below the Rs 10 mark to a reduced of Rs 9.79 on the BSE on Sep 20, as dissatisfaction over the AGR instance continued. The shares finished 1% higherat Rs 10.48 in Mumbai trading, while the wider BSE Senex struck a document high and skyrocketed about 1,400 points.

Vodafone Concept has actually scheduled a meeting with investors and analysts on September 23 to talk about recent events. This follows the Supreme Court’s rejection of pleas by telecom companies, including Vodafone Idea, concerning Adjusted Gross Profits (AGR) fees. The judgment is a substantial obstacle for Vodafone Idea, which owes substantial total up to the government.

Vodafone Concept has called financiers and analysts for a meeting with its elderly monitoring on September 23 on ‘recent occasions’, the telco said. This comes a day after the High court declined a set of appeals by various telecom firms consisting of Vodafone Idea and Bharti Airtel, in the re-computation of Adjusted Gross Profits (AGR) situation.

“Vodafone Concept Limited will certainly host a conference call with its senior management on Monday, September 23, 2024 from 02.30 PM to 03.00 PM, Indian Requirement Time to give an upgrade on the recent growths,” the firm stated in an exchange filing.