The management of telecom service provider Vodafone Idea Ltd. in its quarterly earnings call said that the promised promoter funding commitment of ₹2,000 crore should close in the current December quarter.

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Vodafone Idea's management also reiterated its earlier comment on the ongoing discussions with several interesting parties.

During the company's June quarter results, it stated that it received a communication from a promoter group entity that in the event of any fund requirement for meeting its impending payment obligations, it will provide direct or indirect financial support to the extent of Rs 2,000 crore.

The management further said that the discussions with banks for debt funding would take place once the external equity investments is secured.

With regards to its 5G rollout, the company's management said that it is in talks with vendors for the same, adding that a significant expansion of the 4G coverage and the 5G rollout will happen after the funding is tied-up.

At the India Mobile Congress last week, Vodafone Idea Chairman Kumar Mangalam Birla said that the company will make "significant investments" over the next few quarters for the 5G rollout. However, he did not specify a timeline for the rollout.

In the interim, Vodafone Idea also plans on utilising any surplus cash generation to pay off its existing creditors. Vendor payables for the company inched up to nearly ₹15,000 crore from ₹14,100 crore in June. The management indicated that they could look to clear some of the outstanding vendor dues.

Such a move would be positive for a company like Indus Towers, which has been in constant talks with the company for the same. Indus Towers' shares are also up 2% on Tuesday.

Shares of Vodafone Idea made an intraday high of ₹12.2 on Tuesday and are currently trading 2.6% higher at ₹11.95.

(Edited by : Hormaz Fatakia)