The country's largest telecom firm Vodafone Idea on Friday said the company sees good interest from existing and new investors for the upcoming Rs 25,000 crore rights issue.
In an interview to CNBC-TV18, Balesh Sharma, chief executive officer, said, "The rights issue price has been calculated to keep it attractive for the shareholders, to give them an opportunity and also keeping in mind the past history of the rights issue. This is the largest right issue the country has seen."
Further, Akshaya Mundra, chief financial officer, confirmed that Vodafone Idea has taken Securities and Exchange Board of India (Sebi) permission to increase their shareholding above 75 percent.
With regards to debt, Sharma said, "For the size of operations, Vodafone Idea is running, the debt is not a very high but EBITDA (Earnings before interest, taxes, depreciation, and amortization) is low. However, going forward, the company has clear plans to increase the EBITDA."
"We have a positive outlook on the market. It is an underpenetrated market even today. Out of 1.3 billion population, half a billion still haven’t got their first SIM card, so there is ample opportunity to grow,” said Sharma.