Vodafone Idea Ltd on Wednesday, 28 August, announced that they have cleared all its statutory dues of around Rs 700 crore, which includes licence fees and spectrum payment for the April-June quarter. 

A company’s spokesperson said that the company have cleared all their outstanding payments with the Department of Telecommunications (DoT) and are up to date with its current obligations, including the payment for spectrum in August 2024.

The debt-laden telecom operator has successfully raised nearly Rs 24,000 crore through equity, which includes Rs 18,000 crore via a Follow-on Public Offer (FPO), Rs 2,075 crore from a promoter group entity, and the conversion of 1,440 Optionally Convertible Debentures by ATC India in March 2024. The company is also in “active discussions” with lenders to secure additional debt funding amounting to Rs 25,000 crore.

The stock recently made headlines after Vodafone Idea reported a loss of 8.6 lakh subscribers in June, following a loss of 9.24 lakh subscribers in May. 

Despite this, the company’s net loss for the June quarter narrowed to a five-quarter low. The Average Revenue Per User (ARPU) stayed flat sequentially at Rs 146, though it increased from Rs 139 reported in the same quarter last year.

A significant concern for the telecom service provider has been its debt, which has shown improvement over the past year. The company’s total borrowings from banks and financial institutions have almost halved, decreasing from Rs 9,200 crore a year ago to Rs 4,650 crore by the end of the June quarter.

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