Embattled telecom service provider Vodafone Idea Ltd has modified its letter of offer to use part of the proceeds from its fund-raising plan of 250 bln rupees to pay additional past dues after the Supreme Court decided to include the telecom companies' non-core revenues for calculating their adjusted gross revenue.
On Oct 24, the Supreme Court had upheld the government's plea to include revenues from non-core businesses of telecom companies as part of their adjusted gross revenue, and the companies have till Jan 24 to make the payment of their past dues.
In March, Vodafone Idea had raised an aggregate amount of around 250 bln rupees through rights issue. It had earmarked Rs 186.75 bn of the total proceeds for payment of certain liabilities and borrowings.
Of that sum, the company was to keep aside Rs 28.26 bn for deferred spectrum payment to the telecom department, totalling Rs 62.77 bn, due by Apr 9.
