Bank guarantee waiver removes key impediment to Vi’s pending debt-raise: Axis Capital
Vodafone Idea (Vi) will be the main beneficiary of the bank guarantees (BG) waiver cleared by the Cabinet, and the move will hasten the telco’s pending Rs 25,000 crore debt raise, analysts said.
Earlier this month, Vi’s CEO Akshaya Moondra had said that the telco’s lenders wanted clarity from the government on any potential relief on the company’s substantial AGR (adjusted gross revenue) dues as well as prospects of a waiver of BGs before lending.
“Vi is the biggest beneficiary of the reported BG waiver. One impediment to the debt raise is now behind,” Axis Capital said in a research note seen by ET.
Vi shares closed 10.9% higher at Rs 8.35 on the BSE Wednesday.
Prior to the waiver, Vi was supposed to submit cumulative Rs 24,700 crore of BGs for spectrum purchases upto 2022.
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