SME Times is powered by   
Search News
Just in:   • Markets open on a positive note Wednesday morning  • Paswan interacts with industry on new consumer protection act  • Nelco brings in-flight communication to India  • Taxing retirement income of employees a retrograde step  • 'Listed realty firms log steady sales growth in Q3FY20' 
Last updated: 26 Jan, 2020  

Vodafone9.Thmb.jpg CRISIL downgrades Vodafone Idea's debt on AGR liability

Vodafone9.jpg
   Top Stories
» Paswan interacts with industry on new consumer protection act
» Prime Minister Modi visits Hunar Haat
» District committees, Centre to work closely to push skill devt
» Handicrafts exhibitions in various parts of country
» Exports from SEZ achieve $100 bn mark in 2019-20
SME Times News Bureau | 25 Jan, 2020
The downgrading spree continues for Vodafone Idea as rating agency CRISIL is the latest which downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore.

"It is hereby informed that CRISIL, has downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone Mobile Services Limited (since merged with the Company)", the company said.

As per the rating rationale, the downgrade is on account of expectation of a significant deterioration in Company's financial risk profile on account of the potential payout against the adjusted gross revenue (AGR) related liability, post the dismissal of the review petition by the Supreme Court. However, the Supreme Court has agreed to hear the modification application filed by telecom companies next week, wherein the telcos have requested modification in the original order dated October 24, 2019, to decide upon the payment schedule for AGR liabilities and any other relief measures with DoT", the company said in the filing.

Earlier the rating was downgraded from BBB to BBB minus by India Rating also. "India Ratings and Research has downgraded its rating on non convertible debentures of Rs 3500 crore of erstwhile Vodafone Mobile Services Ltd (since merged with the company) as per the rating rationale uploaded on its website today," the company said.

Vodafone Idea has to pay Rs 53,038 crore as AGR to government. The case will be heard next week.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Feb, 2020
  Daily Poll
Ease of doing business improved in last one year
 Yes
 No
 Can't say
  Commented Stories
» MSME credit gets a boost (2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter