Vodafone Idea Today, the shares of the company returned to the rise after several days. The share closed at Rs 9.50, up 3.71%. At the same time, if we look at the chart of 1 month, a huge decline of 28% has been recorded in the stock. The stock has broken all supports. However, after a long day there is good news today. In fact, debt-ridden telecom company Vodafone Idea Ltd. (VIL) said on Tuesday that it is in discussion with the Department of Telecommunications to waive the bank guarantee. The company is required to give a bank guarantee one year before the due date of payment for spectrum acquired before 2022.
It is necessary to give bank guarantee for spectrum payment.
The Department of Telecommunications has asked Vodafone Idea Ltd (VIL) to submit a bank guarantee as assurance of spectrum payment of Rs 24,747 crore due in September next year. As per rules, the bank guarantee has to be deposited at least one year before the due date of payment. VIL said in the information given to the stock exchange that it has presented its case in detail with the Department of Telecommunications regarding the bank guarantee. The telecom company said, “Our talks are ongoing with the Department of Telecommunications to remove the bank guarantee conditions for spectrum acquired before the year 2022. This is also the demand of the industry.
Contacted Finance Ministry to give exemption
According to sources, the Department of Telecommunications has also approached the Finance Ministry on the issue of exempting telecom companies from submitting bank guarantees for spectrum payment dues. Vodafone Idea has sought relief from the bank guarantee provision citing spectrum auction rules for 2022 and 2024. In these rules, the provision of giving bank guarantee for annual installments has been removed. The telecom company, which is going through a financial crisis, has paid off the interest liability of about Rs 16,000 crore on the first pending payment and has also offered to give stake in the company to the government. The government holds about 23 percent stake in VIL. VIL has sought relief from the government on adjusted gross revenue (AGR) dues of Rs 70,000 crore.
