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Vodafone Idea board to review proposals for fiber assets sale; Brookfield front runner

Updated : September 03, 2020 08:20 PM IST

Sources privy to the developments told CNBC-TV18 that the board will also review progress of sale of its fiber assets.

Sources in the know told CNBC-TV18 that proposals of Brookfield and KKR to acquired a controlling stake in the business will be considered.

With the overhang of the Adjusted Gross Revenue (AGR) case behind it, Vodafone Idea is set to do what it needs to do to live to see another day - raise funds.

The board in a release to exchanges said its board will be meeting to consider various options of raising funds. It said in its statement that it will "consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or combination thereof."

Also read: Amazon, Verizon may invest over $4 billion in Vodafone Idea, stock up 13%

Sources privy to the developments told CNBC-TV18 that the board will also review progress of sale of its fiber assets. Sources in the know told CNBC-TV18 that proposals of Brookfield and KKR to acquired a controlling stake in the business will be considered.

CNBC-TV18 had reported in may that the company was in talks with Brookfield and KKR for selling it's fiber business. Both companies have now completed due diligence, however sources said Brookfield may emerge a front runner.

"The valuation is below what Vodafone Idea was hopeful for," said a source familiar with the discussions, that did not want to be named. "The company was hoping for $1.5-2 billion for the fiber business but both offers have come in below $1.2 billion," he added.

Also read: Bharti Airtel, Vodafone Idea planning next round of tariff hikes in September/October

As per news reports not independently verified by the company, it's also in talks with US players for an equity infusion.

The company has inter and intra city fiber spread across 160,000 kms in India. It has been looking at selling this business along with its data centre business as a part of its plan to monetise assets and raise capital. The sale, however, of both has gotten delayed due to the AGR case.

When contacted, Vodafone Idea said, "We cannot comment on speculation."

Published : September 03, 2020 06:36 PM IST

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