Vodafone Idea Limited has announced a significant change in its senior management structure following a Board meeting held on May 16, 2026. The telecommunications major accepted the resignation of Mr. Arvind Nevatia, who served as the Chief Enterprise Business Officer. Mr. Nevatia expressed his desire to pursue external opportunities and will be relieved from his duties on or before July 28, 2026.

Appointment of New Chief

To fill the vacancy, the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. M.P. Sunil Kumar. He will assume the role of Chief Enterprise Business Officer with effect from May 18, 2026. The appointment is categorized as Senior Management Personnel (SMP) and entails full-time employment.

Profile of the Appointee

Mr. M.P. Sunil Kumar brings extensive experience to the role, having spent 29 years in the institutional business sector within the telecom industry. His career includes a 15-year tenure at Vodafone Idea, where he previously held positions such as Head of Carrier and wholesale business and Cluster Business Head in the consumer business. Prior to this appointment, he served as the Chief Growth Officer at Tanla Platforms Ltd and was the CEO of Constl, a Space World Group Company. His professional history also includes roles at Tata Communications, Bharti Infotel, GTL Ltd, and Sprint RPG India.

Management Transition Details

The transition follows Mr. Nevatia's nearly 11-year stint with the organization. The company has disclosed that there are no specific relationships between the outgoing or incoming officers and the company directors that require disclosure under Regulation 30 of the SEBI Listing Regulations.

Vodafone Idea Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026, to the National Stock Exchange of India Limited and BSE Limited on May 11, 2026. Filed pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 137(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the report was issued by CARE Ratings Limited in its capacity as the designated Monitoring Agency for the company's Further Public Offer (FPO). The report has been reviewed by the Audit Committee and taken on record by the Board of Directors.

FPO Issue Overview

The FPO, which opened from April 18, 2024 to April 22, 2024 (with the anchor investor tranche opening and closing on April 16, 2024), raised a gross amount aggregating to Rs. 18,000 crore, with net proceeds amounting to Rs. 17,614.20 crore. The issue comprised equity shares offered to the public under the Further Public Offer route.

Reallocation of FPO Proceeds

Pursuant to a resolution passed by the Board of Directors on May 30, 2025, the FPO proceeds were reallocated inter-se between the specified objects. Specifically, Rs. 2,258 crore was reallocated from the network infrastructure expansion object to the payment of deferred spectrum dues to the Department of Telecommunications (DoT) and the GST thereon. The revised cost allocations are detailed below.

Full Utilisation Achieved in Q4FY26

The Monitoring Agency confirmed that the entire net proceeds of Rs. 17,614.20 crore have been fully utilised by the end of Q4FY26, leaving no unutilised balance. During the quarter ended March 31, 2026, a total of Rs. 1,488.33 crore was deployed across the specified objects.

Implementation Status and Key Findings

CARE Ratings confirmed nil deviation from the objects stated in the offer document. All three objects were completed within the timelines specified — network infrastructure expansion and deferred spectrum payments were completed in Fiscal 2026, while general corporate purposes were completed in Fiscal 2025. No delay in implementation was observed across any of the objects.

Key findings from the Monitoring Agency Report are summarised below:

• Deviation from objects: Nil
• Material deviation: Not applicable
• Change in means of finance: No change observed
• Deviation from previous monitoring agency report: None
• Government/statutory approvals: Not applicable
• Technical assistance/collaboration arrangements: Not applicable
• Favorable/unfavorable events affecting viability: None reported
• Other material information for investor decision-making: None reported

The report was signed by Prasanna Krishnan, Associate Director at CARE Ratings Limited, and the Monitoring Agency Agreement was dated April 11, 2024. The report and associated disclosures have also been made available on the company's website at www.myvi.in .