Kumar Mangalam Birla Letter To The Government, Ready To Give Up His Stake In VIL – Aditya Birla Group chairman Kumar Mangalam Birla is about to offer up his promoter stake in debt-ridden telecom company Vodafone Idea Limited (VIL). Kumar holds 27% stake during this company.
Kumar Mangalam Birla Letter To The Government, Ready To Give Up His Stake In VIL
Aditya Birla Group chairman Kumar Mangalam Birla is about to offer up his promoter stake in debt-ridden telecom company Vodafone Idea Limited (VIL). Kumar holds 27% stake during this company.
According to PTI, Kumar Mangalam Birla wrote a letter to Union Cabinet Secretary Rajiv Gauba in June regarding this issue. during which he’s able to give his stake within the company to any government or domestic financial company to save lots of the existence of Vodafone Idea.
Actually, Kumar Mangalam is that the promoter and chairman of Vodafone India. at the present , the company’s market capitalisation (market position) is around Rs 24,000 crore. Kumar Mangalam says that the financial health of the company should improve, for this the govt should take foreign investors into confidence.
He said that 27 crore people of the country are connected with Vodafone Idea. aside from Birla, British company Vodafone Plc has 44% stake during this company. But both the promoters have decided to not make fresh investments within the company.
Vodafone Idea Limited features a debt of about Rs 1.8 lakh crore. The company’s board had in September last year announced a capital raising of Rs 25,000 crore. But the company couldn’t get success during this .
Significantly, last month, the Supreme Court had dismissed the petitions of Vodafone Idea and Bharti Airtel to enhance the AGR calculation. consistent with Vodafone Idea, it’s AGR dues of Rs 21,500 crore, out of which it’s paid Rs 7,800 crore. At an equivalent time, consistent with the Department of Telecommunications, the company has an AGR dues of about Rs 58,000 crore.