Vodaphone Idea

The crisis faced by the company offers an opportunity for competitors like Bharti Airtel and Reliance Jio to gain market share, the report said .Giving a 'sell' recommendation to the investors CLSA said despite a four-year interest moratorium, Vodafone Idea's financial crisis is deepening, and government conversion to equity

Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and Rs 2,400 crore to ATC. There was however no word on clearing Indus Towers' dues in the meeting. Indus Towers is said to have asked Vodafone Idea to clear its outstanding dues and pay every month on time for continuity of business post-November 2022. Friday's meeting was held to finalise plans for raising funds.

Vodafone Idea has been trying to raise funds for a long time but has not succeeded. It may try and raise funds through issuance of convertible debentures through private placement to a vendor. Vodafone Idea owes an estimated Rs 6,800 crore to mobile tower giant Indus Towers and also Rs 2,400 crore to ATC.

Active jobs were up by 46 per cent, whereas job closures went up by 75 per cent in the same period, according to GlobalData's analysis of 175 companies globally. Reliance Jio is hiring for 'Lead 5G Core & Cloud Architecture' to support diverse use cases and core products for 5G. Vodafone Idea's posting for an 'AGM-Practice Lead-Smart Mobility' will be required to have experience in the smart mobility vertical and 5G-connected cars and electric vehicles.

At 3.12 p.m., the shares of the company traded at Rs 9.5, up 13.2 per cent from the previous closing, data showed. Monday's rise is its sharpest intra-day rally during calendar year 2022. The rise was possibly because of the company's narrowing of its losses.

Emirates Telecommunication Group, formerly known as Etisalat and now rebranded as e&, has acquired approximately 2,766 million shares in Vodafone, The National reported. "Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services," Hatem Dowidar, group chief executive of Etisalat, said.

According to Bharti Airtel, the agreement is based on the principal condition that the amount paid for the equity stake shall be inducted by Vodafone as fresh equity in Vodafone Idea Ltd (VIL) and simultaneously remitted to Indus Towers to clear VIL's outstanding dues.

The company's net losses widened year on year to Rs 7,230 crore during the Q3FY22. In the same quarter last fiscal, it was Rs 4,532 crore. In Q2FY22, it was Rs 7,132 crore.

Revenue from operations during the quarter declined to Rs 9,717 from Rs 10,894 crore in the same period in the corresponding fiscal. However, the Average Revenue Per User during the quarter stood at Rs 115, as against Rs 109 in Q2FY22, an increase of 5.2 percent quarter-on-quarter.

"The board of directors, at its meeting held on January 10, 2022, has approved the conversion of the full amount of interest related to spectrum auction instalments and AGR dues into equity," Vodafone Idea said in a regulatory filing on Tuesday.