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By CNBCTV18.com Nov 28, 2022 11:46:37 AM IST (Published)
Last month, Indus Towers announced that it increased its provisions for ‘dubious debt’ while releasing its earnings number for the September quarter.
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Telecom tower company Indus Towers Ltd. on Friday announced that its board approved fundraising of up to Rs 1,500 crore through the issuance of non-convertible debentures (NCDs). The NCDs will be issued in three different tranches on a private placement basis.
Interestingly, last month, Indus Towers announced that it increased its provisions for ‘dubious debt’ while releasing its earnings number for the September quarter.
The company made a provision of Rs 1,770 crore in the September quarter against receivables from Vodafone Idea, adding to the Rs 1,232 crore it had already provided in the June quarter.
This takes the total provisions made by the company against Vodafone Idea to over Rs 3,000 crore.
Indus Towers reported a weak September quarter, with its operational performance missing analyst estimates.
Though the company’s revenue of Rs 7,967 crore exceeded expectations, the net profit of Rs 871.8 crore was well below Street estimates. The company’s board also approved raising a sum of Rs 2,000 crore through NCDs.