The report added that while talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone
Group and Aditya Birla
Group is already exploring other potential funding partners and is confident of securing funding by the end of this month, according to its sources.
The exclusive period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone
Idea was extended by a month from January 30 to February 28 but no agreement could be signed, the report said.
Following this, the scrip slipped for the third day in a row. At 1.13 pm, the stock was down 3.27 per cent at Rs 10.64 per share as against a 0.24 per cent decline to 50,693 in the S&P BSE Sensex.
The company for the third quarter of FY21 had reported narrowing of consolidated loss to Rs 4,532.1 crore, mainly on account of a one-time gain from stake sale in Indus Towers. It had posted a loss of Rs 6,438.8 crore in the same quarter a year ago.
However, this had failed to enthuse analysts on the stock.
"While AGR dues payment extension was a short-term breather, its survival hinges on quick capital infusion and tariff hike implementation. The need for capitalisation is of paramount importance mainly due to its lagging spends on the network and relative market share loss. We will monitor triggers like fundraise, tariff hike, before changing our stance," analysts at ICICI Securities had said in an earning note.
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