Vi to defer AGR dues, raise funds from Vodafone Group

23 Jun 2022

Indian cellco Vodafone Idea (Vi) has confirmed that it will defer the payment of Adjusted Gross Revenue (AGR)-related dues totalling INR88.37 billion (USD1.13 billion) for four years, having been offered the option by the Department of Telecommunications (DoT) earlier this month. The total comprises all AGR-related dues up to the 2018-19 financial year that were not included in a Supreme Court order in September 2020. Vi notes that the amount is subject to revision and will be paid in six annual payments following the moratorium, starting from 31 March 2026.

In a separate development, meanwhile, Vi announced that it has approved plans to raise INR4.36 billion from promoter group Vodafone Group. In a filing with the Bombay Stock Exchange (BSE), Vi said that it would either issue to a Euro Pacific Securities (a Vodafone Group entity) up to 427.6 million equity shares valued at INR10 each, or up to 427.6 million warrants convertible into equity shares.