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Dolat Capital Report
Vodafone Idea Ltd. board has approved equity fund raising of Rs 150 billion and network call distributors of Rs 150 billion.
However total fund raise will not exceed Rs 250 billion. We anticipated a funding shortfall of approximately Rs 105 billion upto FY22 end.
Rs 250 billion fund raise coupled with approximately Rs 69 billion from Vodafone Group Plc for its share of adjusted gross revenue (AGR) liability and Rs 40 billion from Indus stake sale should enable Vodafone Idea to sail through upto FY22.
In the interim, steep increase in tariffs (approximately 20% compound annual growth rate for four years) coupled with no slippage in execution and costs rationalization measures would be inevitable for its sustainability.
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