The minority shareholders of Grasim Industries, who own 60 per cent stake in the company and have seen zero returns on their investments in Vodafone Idea Ltd, are unlikely to agree to invest more in the telecom company, say bankers. Last week, Vodafone Idea agreed to raise upto Rs 25,000 crore by issuing fresh equity and debt.
But with Grasim taking a big hit on its investment of Rs 2,900 crore in the rights issue of Vodafone Idea last year as per its entitlement, bankers said the listed entity may not burn further cash in the venture. The Birlas own 27.5 per cent stake in Vodafone ...
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