Debt-laden Vodafone Idea breaches the loan covenants with lenders

Lenders want telco to put more skin in the game

Topics
Vodafone Idea | telecom sector in India | Telecom companies

Dev Chatterjee & Abhijit Lele  |  Mumbai 

Vodafone Idea (VIL), which is saddled with Rs 1.8 trillion of debt, has breached the loan covenants with its lenders. VIL, a joint venture of Aditya Birla Group and Vodafone PLC of UK, has sought a waiver against the breach of covenants from the banks and some have given the waiver, said a source close to the development.

A waiver implies that the bank has let go of its right to take any action against the company's covenant breach. At the same time, alarmed by the sagging financial metrics of VIL, its lenders have asked the company to put in additional margin money or ...

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First Published: Sat, July 03 2021. 06:10 IST
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