Shares of Vodafone Idea (VI) Hit a 52-week high of Rs 13.85 on 2 November after the company received Rs 2,000 crore as a loan from HDFC Bank, India, to assist the company in addressing its pending licence fees and fulfilling its 5G spectrum payment commitments.

This loan is for a period of two years, and the funds were disbursed in mid-September, just before the deadline for some of the company’s loans and statutory payment commitments.

The company has already paid more than Rs 350 crore for FY22 and FY23 towards its past licence fees and around Rs 1,700 crore towards spectrum usage charges.

VI is also in talks with potential investors for equity funding.

As of 30 June 2023, the company reported gross debt of Rs 2.11 lakh crore. However, all the statutory dues till the second quarter of 2022-23 have been paid by the company and are now clearing licence fees and spectrum usage charges dues for Q3 of the previous fiscal year at a faster pace.

Earlier, Chief Executive Akshaya Moondra had confirmed that promoters of the company are committed towards investing an additional Rs 2,000 crore.

He also mentioned that the company was also in talks with various network vendors to finalise its rollout strategy.

In its quarterly report for July-September, the company’s net loss widened to Rs 8,737.9 crore for the quarter from Rs 7,595.5 crore in the year-ago quarter.

Its revenue from operations saw a 0.95% year-on-year increase to Rs 10,716.3 crore during the quarter from Rs 10,614.6 crore reported in the same quarter of the previous fiscal year.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at Rs 4,282.8 crore from Rs 4,097.5 crore reported in Q2FY23. The EBITDA margins expanded by 140 basis points to 40%.

At 3:30 pm, the shares of Vodafone Idea closed 8.20% above at Rs 13.85 on NSE.