Pay Rs 6,091 cr guarantee or Rs 5,493 cr cash by Mar 10: DoT to Voda Idea

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Pay Rs 6,091 cr guarantee or Rs 5,493 cr cash by Mar 10: DoT to Voda Idea - Business Standard

Quick Summary:

"The aggregate payment made by the company for each of spectrum auctions are greater than the pro-rated use of spectrum other than for the 2015 auction, where there is one-time partial shortfall and DoT has requested either to provide bank guarantee of Rs 60,907 million (Rs 6,090.7 crore) for one year or make a cash payment of Rs 54,932 million (Rs 5,493.2 crore) by March 10, 2025," Vodafone Idea Non-Executive Director Himanshu Kapania said in a note.

The Department of Telecom (DoT) has asked debt-ridden telecom operator Vodafone Idea to either deposit a bank guarantee of Rs 6,090.7 crore or Rs 5,493.2 crore in cash for shortfall of aggregate payment made for spectrum the company acquired in 2015, the company said.

The company, however, is in discussion with the DoT to pay the dues through equity.