Stating that the VIL's announcement of the fundraise was similar to its declaration in September 2020, CLSA said, "VIL has been in talks with potential investors, but fundraising is still pending". The brokerage said it expects financial crunch for Vodafone Idea going forward, at the point when annual spectrum and AGR payments to the government of USD 4 billion per annum (3x of current cashflows) become due, unless the government does conversion of principal debt to equity at the end of the moratorium.
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