Vodafone to not use rights issue proceeds for spectrum payments after DoT relief

NEW DELHI: Vodafone Idea Ltd Board of Directors has approved the company's proposal to amend the use of its proceeds from the rights issue, including interest, by using TER2,826 crore to repay loans, to reimburse non-convertible debentures. That follows a two-year moratorium on late payment liabilities in spectrum payments, which has been granted by the Telecommunications Department.

The telecommunications giant had allocated app....