Debt-ridden telecom operator Vodafone Idea has paid holders of non-convertible debentures that matured early this week, according to a regulatory filing.
The company made the payment on December 13, the date of maturity of the bonds, and averted any financial default.
“..the company has made timely payment of principal amount together with interest in respect of…debentures issued by the company,” a company letter to the National Stock Exchange dated December 13 said.
In the details, the company mentioned that the payment has been made for 7.57 per cent unsecured redeemable non-convertible debentures for which the payment was due on December 13.
According to sources, the company has paid around Rs 1,600 crore to the lenders which includes principal amount of Rs 1,500 crore.
Vodafone Idea chief financial officer Akhsay Moondra during an earning call of the company for the second quarter had said that the company is in discussions with banks and investors for raising both debt and equity which includes to make arrangement of funding to be able to meet immediate maturities of debt which are coming up in the remaining quarter of the financial year.
The company’s total gross debt, excluding lease liabilities and including interest accrued but not due, as of September 30, 2021 stood at Rs 1,94,780 crore.
The amount comprises deferred spectrum payment obligations of Rs 1,08,610 crore, AGR liability of Rs 63,400 crore that are due to the government and debt from banks and financial institutions of Rs 22,770 crore.