The government has approved the conversion of debt-ridden Vodafone Idea’s interest dues of over Rs 16,133 crore into equity. The company gave this information to the stock market on Friday. Equity shares of face value of Rs 10 will be issued to the government at this price.
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Vodafone Idea Limited (VIL) told the stock market, “The Ministry of Communications … passed an order today i.e. February 3, 2023 … directing the company to pay interest and interest related to deferment of spectrum auction installments.” Convert AGR dues into equity shares, which will be issued to the Government of India.
The company got this relief under the reform package announced by the government in September 2021.
The company said, “The total amount to be converted into equity shares is Rs 16,133,18,48,990. The company has been instructed to issue 1613,31,84,899 Equity Shares of face value of Rs.10 each. Their issue price is also Rs 10.
VIL had earlier said that by converting the dues into equity, the government would get around 35 per cent stake in the company.
(Apart from the headline, this story has not been edited by NewsBust India team, it is published directly from syndicate feed.)
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