Telecom operator Vodafone Idea‘s board will consider and evaluate a proposal to issue convertible bonds to the supplier on October 21, the company said in an exchange filing. Convertible bonds are long-term bonds issued by a company that can be converted into shares after a certain period.

“We would like to inform you that a meeting of the company’s board of directors is scheduled for October 21, 2022, to, among other things, consider and evaluate the proposal to issue bond securities convertible into preferential stock/private placement basis,” the company said in an exchange stated in the notice.

It added that the issuance would be subject to regulatory and other statutory approvals, including those of the company’s shareholders.

VIL has been struggling to raise funds for some time. According to reports, the government will only buy shares if the share price reaches Rs 10. Shares of VIL have not breached the Rs 10 level since April 2022.

The country’s mobile tower company, Indus Towers Ltd, also demanded that the telecom giant pay 80% of its outstanding charges immediately or risk losing business after November. Shares of Vodafone Idea closed at Rs 8.45 on the National Stock Exchange on October 18.