Telecom major Vodafone Idea witnessed a drop down in its shares, soon after the exit of billionaire industrialist Kumar Mangalam Birla as non-executive chairman.

Much earlier, Chief Financial Officer (CFO) Akshaya Moondra revealed that the company planned to raise an additional Rs.3,000 crore in cash this fiscal year through tax refunds and the sale of data centre land parcels.

Soon followed by plans of chipping down its cash crunch by raising funds up to $ i billion which is approximately Rs.7,400 crore from its broadband subsidiary sales, optic fibre unit, including data centres business.

CIO Insider reported that the telecom major is expected to deposit about Rs.22,500 crore in regular debt, adjusted gross revenue, as well as spectrum dues between December this year and up until April next year.

Speaking of spectrum, it got hold of about 11.80MHz for Rs.1,993.40 crore.

Back to its cash crunch plan, it’s believed that the telecom major had a cash balance of Rs.350 crore, soon followed by a loss of Rs.6,985.1 crore.

There are a lot of ongoing discussions with investors, yet the telecom major is decisive in finalizing Rs.25,000 crore fundraise through a blend of debt and equity.

Vi currently expects to raise between $ 800 and $1 billion (through broadband, optic fibre, and data centre sales) when investors reconsider their positions at these price points.

The possible fibre asset sale, on the other hand, may take the shape of a sale and leaseback agreement, in which the telco sells the fibre assets but rents the capacity from the buyer for a long time.

Birla had engineered the merger of Idea Cellular, as a part of his Aditya Birla Group, including India operations of Britain’s Vodafone Plc in 2018 to form Vodafone Idea. Birla will now step down and his position will now be taken over by Himanshu Kapania, an Aditya Birla Group nominee.

It's still unclear as to why Mr.Birla had decided to exit the telecom major, nevertheless the telecom major has also had a fair loss of subscribers, as it fought to compete against Bharti Airtel and Reliance Jio. Vodafone had 277.6 million cellular users as of May 31, trailing rivals Reliance Jio and Bharti Airtel, which had 431.2 million and 348.3 million subscribers, respectively, according to figures from India's telecoms regulator.

Adding more to the telecom major’s worries, the Indian government has demanded $13 billion in dues for the use of airwaves and licence fees from the country's telecom companies. The majority of the shares is owed to Vodafone.