Vodafone-Idea gets nod to convert ₹16,133 crore interest dues into equity

Government stake in VI rises to 35%: Vodafone-Idea gets nod to convert ₹16,133 crore interest dues into equity

Feb 4, 2023 - 18:30
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Vodafone-Idea gets nod to convert ₹16,133 crore interest dues into equity

The government has approved the conversion of debt-ridden Vodafone-Idea (VI) interest dues of over Rs 16,133 crore into equity. The company gave this information to the stock market on Friday. Equity shares of the face value of Rs 10 each will be issued to the government at this price.
Vodafone Idea Limited (VIL) told the stock market, 'The Ministry of Communications ... passed an order today i.e. on 3 February 2023 and directed the company to pay interest related to deferment of spectrum auction installments and AGR dues as equity. converted into shares, which will be issued to the Government of India.
The company got this relief in September 2021 under the reform package announced by the government. The total amount to be converted into equity shares is Rs 1,61,33,18,48,990, the company said.
The company has been directed to issue 16,13,31,84,899 equity shares of the face value of Rs 10 each. Their issue price is also Rs.10. VI had earlier said that the conversion of dues into equity would give the government about 35% stake in the company.

Muskan Kumawat Journalist & Writer