Vi in talks with Apollo Global to raise $1Bn in debt and equity

Vodafone Idea Ltd is in advanced talks with US private equity investor Apollo Global to raise as much as $1 billion by selling a mix of debt and equity. The discussions are at a complex stage, with the long-awaited announcement seemingly later this month.

Debt-laden Vodafone Idea has been searching to raise funds from exterior buyers for more than a year, however, discovered it is tough to persuade buyers to write giant cheques, given its mammoth authorities dues.

Vi had also received fresh funds from three entities owned by the promoters of the company — Vodafone Group UK and the Aditya Birla Group (ABG). The companies had infused Rs 4,500 crore as fresh capital into Vi

Vi’s board had earlier approved fundraising of Rs 14,500 crore, out of which Rs 4,500 crore was supposed to come via promoters while the remaining Rs 10,000 crore was to come from the outside investors.

Vi was supposed to get approximately Rs 15,000 crore worth of BGs back from the Department of Telecommunications (DoT). With the fresh cash flowing into the company, Vi would be able to expedite its 4G investments and also make fresh 5G spectrum purchases.

Apollo Global Management is one of the largest asset managers globally and sometimes invests in credit score, personal equity, and actual property, amongst different asset lessons and has shut to $500bn of property below administration. Vi would be able to raise about USD $1 billion from Apollo Global, a major US private equity investor.