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“We have submitted a letter to DoT that we propose to pay the spectrum auction instalments of  Rs. 1,680 crore towards the 2022 auction, which is due on August 17, by availing the grace period of 30 days with interest, in accordance with the terms of NIA (Notice Inviting Applications),” Vodafone Idea chief financial officer Murthy GVAS said during the earnings calls.

The development comes even after one of the promoters has confirmed to the company that it will provide direct or indirect financial support to the extent of Rs. 2,000 crore in the event of any fund requirement for meeting impending payment obligations.

Vodafone Idea Chief Executive Officer Akshaya Moondra during the call said that the company’s discussion with investors and banks has progressed well and expects to close funding in the coming quarter.

“We are making good progress and expect to conclude these discussions in the coming quarter. That is as far as the equity funding is concerned. As far as debt funding is concerned, we have been engaged with a consortium of banks for a long time. Generally, their ask is that equity also needs to be tied up…we expect to conclude these funding arrangements in the coming quarter,” Moondra said.