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AGR dues: VIL defers ₹8,837 cr payment, gets option to pay interest via equity


Vodafone Idea Ltd (VIL)has decided to defer payment of additional adjusted gross revenues of 8,837 crore dues by a period of four years. In a late night filing on June 22, the company said that the DoT on June 15, has raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues.

“This is further to our communication dated 29 October 2021 and 11 January 2022 on the captioned subject. We wish to inform you that the letter dated 14 October 2021 issued by the Department of Telecommunications (“DoT”), inter-alia, provided deferment of AGR related dues as determined by Hon’ble Supreme Court in the AGR case, by a period of 4 years. The said letter covered AGR dues upto the period FY 2016-17 which were included in the Hon’ble Supreme Court order,” VIL said in a regulatory filing.

It further said that the DoT has offered the company a moratorium of four years for all AGR related dues up to Financial Year 2018-19, which were not included in Supreme Court order dated September 1, 2022 which can be exercised within a period of 15 days by June 30.

“We further wish to inform you that the Company has received a further communication dated 15 June 2022 (“DoT Letter”), wherein the DoT has offered a moratorium of four years (on an NPV protected basis) for all AGR related dues upto Financial Year 2018-19 which were not included in the Hon’ble Supreme Court order dated 1st September, 2020, which can be exercised within a period of 15 days i.e. by 30th June, 2022. The said DoT Letter also provides the Company an option for equity conversion of interest dues upfront for these AGR related dues for which a period of 90 days has been provided from the date of the said DoT Letter,” Vodafone Idea Ltd said.

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 22nd June, 2022, has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect, in accordance with the said DoT Letter. 

The company said the fresh demand of 8,837 crore is subject to revision on account of disposal of various representations, CAG, special audit and any other outcome of litigation and “the final amount to be paid in six equal annual instalments post moratorium period starting from March 31, 2026”.

The government has already approved Vodafone Idea‘s proposal to convert about 16,000 crore interest payment dues of previous AGR moratorium into around 33 per cent stake in the company.

The company in a separate filing said that its board has approved raising of 436.21 crore from Vodafone Group company Euro Pacific Securities through issue of preferential share at a unit price of 10.2 apiece or warrants at the same price. 

The VIL Board has approved raising of funds upto 436.21 cr by way of issuance of either:

(a) upto 42,76,56,421 Equity Shares; or

(b) upto 42,76,56,421 Warrants convertible into Equity Shares

“We wish to inform you that the Board of Directors of Vodafone Idea Limited at its meeting held today i.e. 22nd June 2022, has, inter-alia, approved raising of funds aggregating upto 436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) upto 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis,” Vodafone Idea said in a regulatory filing to the stock exchanges.

 



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