Lenders raise the bar for Vodafone Idea's big loan
Mumbai/new delhi, July 6 -- Vodafone Idea's(Vi) Rs.35,000-crore debt plan is facing scrutiny, with lenders prevailing upon the company to scale back its financial projections, while also demanding a corporate guarantee from another Aditya Birla Group firm, according to two people in the know. The demands underscore banks' insistence on stronger safeguards before extending one of the sector's biggest loans.
The people said Vi's earlier business projections were too optimistic and were tempered to "manageable levels". Typically, companies submit cashflow and other business projections with their loan requests.
Bankers are still discussing the proposal, and no concrete decision has yet been taken, said the people. The loan will help Vi execute...
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