Debt-ridden Vodafone Idea has sought 30 days more time to pay around Rs. 1,680 crore for spectrum auction instalment due on Thursday, a senior company official said on Wednesday. The company has proposed to pay the amount with interest.
“We have submitted a letter to DoT that we propose to pay the spectrum auction instalments of Rs. 1,680 crore towards the 2022 auction, which is due on August 17, by availing the grace period of 30 days with interest, in accordance with the terms of NIA (Notice Inviting Applications),” Vodafone Idea chief financial officer Murthy GVAS said during the earnings calls.
The development comes even after one of the promoters has confirmed to the company that it will provide direct or indirect financial support to the extent of Rs. 2,000 crore in the event of any fund requirement for meeting impending payment obligations.
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