Telecom operator Vodafone Idea on Tuesday said that the company’s board of directors has approved the allotment of 16,133,184,899 equity share to the government. This approval means that the government holds 33.44 per cent of Vodafone Idea. The equity conversion plan comes more than a year after the government made the initial decision, and serves as a breather for Vodafone Idea with a debt burden of Rs.2.2 trillion as of September 2022. The government on Friday directed Vodafone Idea Ltd to issue equity shares against interest on deferred adjusted gross revenue (AGR) and spectrum dues of Rs.16,133 crore that it owes. Under the equity conversion plan proposed in January 2022, the government would have become Vodafone Idea’s single-largest shareholder with a 33% stake, and promoters’ holding would have reduced to 50% from almost 75%. Vodafone Idea’s scrip ended 3.87 per cent down at Rs.7.94 on BSE.
Today: December 9, 2023