India’s largest telecom operator by subscriber base Vodafone Idea announced that its board had approved a rights issue of Rs25,000 crore to existing eligible equity shareholders in line with the recommendations of a capital raising committee it had set up in November 2018.
The fund infusion will come at a time when it is critical for the company to raise resources to compete in the telecom market disrupted by the entry of Reliance Jio in September 2016, which brought down tariffs, hitting revenue streams of other operators.
Source- The Livemint
Static/Current Takeaways Important For NIACL AO Mains Exam:
- Kumar Mangalam Birla is the chairman of Vodafone Idea merged entity.
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