Vodafone Idea (Vi) has contacted several lenders, including the State Bank of India, Punjab National Bank, HDFC Bank, and IDFC First, to secure loans totaling more than ₹ 7,000 crore. According to three sources familiar with the matter, the majority of these loans will be used to pay off a portion of Vi’s outstanding debts to Indus Towers.
Vi has approached our bank for a loan, but we have not made any commitments to them; the matter is currently at a standstill,” said a senior official at the bank to ET.
The lenders asked for clarification on the government’s potential ownership stake in the telecommunications company, as well as the plans for the company’s promoters to invest equity in order to increase investor confidence and expand the business.
An official at another lender stated that Vi has requested that the lender take into account bank guarantees worth ₹ 15,000 crore and provide new loans.
Vodafone Idea seeks emergency loans of ₹ 7,000 cr from banks Detail Video:
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