Shares of Vodafone Idea Ltd gained nearly 2% to ₹6.52 in early trade on Tuesday, August 19, after outgoing Chief Executive Officer Akshaya Moondra said the telecom operator is exploring non-banking funding sources to maintain continuity of its capital expenditure plans.
The statement was made during the company’s June quarter earnings call, where Moondra explained that while discussions with banks are ongoing, lenders are waiting for clarity on the adjusted gross revenue (AGR) issue before extending fresh credit lines. To avoid disruptions in its capex cycle, the company may look at raising a smaller amount from non-banking sources, lower than the ₹25,000 crore figure earlier discussed.
Moondra, who completes his three-year tenure today, stressed that sustaining network investments remains a top priority for the company, despite its heavy debt burden. Meanwhile, the board of Vodafone Idea has approved a leadership transition, elevating Chief Operating Officer Abhijit Kishore as the new CEO effective August 19.
Analysts noted that while fundraising remains a near-term overhang, the management’s commitment to capex continuity and a smooth leadership transition could support investor sentiment in the coming sessions.
