Kotak’s take on Vi deal: Robbing Peter to pay Paul

Kotak Mahindra Bank founder Uday Kotak on Friday took a swipe at Vodafone Idea for settling the dues of its vendors by issuing preferential shares.

Without naming the company, Kotak in a post on X on Friday said that such deals are like “robbing Peter to pay Paul”. The reference was to Vodafone Idea board’s decision on Thursday to make preferential allotment of nearly 1.7 billion equity shares worth Rs 2,458 crore to its network vendors, Nokia Solutions and Ericsson India. The company had also earlier settled dues of telecom tower firm American Tower Company in a similar way.