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Highlights

  • Govt to become single largest shareholder in Vodafone Idea
  • Govt asks Vodafone Idea to convert interest dues into equity
  • Govt directs VI to issue shares worth ₹16,133 cr at an issue price of ₹10 per share

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Govt to become single largest shareholder in Vodafone Idea

The relief for the company came as part of the reforms package announced by the government in September 2021.

Updated: Sep 02, 2022 10:53
|

PTI

Govt to become single largest shareholder in Vodafone Idea

Throwing a lifeline to the troubled telco, the government has approved the conversion of over Rs 16,133 crore interest dues of Vodafone Idea into equity.

With this conversion, the government is expected to hold a 33.14 per cent stake in the loss-making telecom firm, which is reeling under a debt burden of over Rs 2 lakh crore.

The decision was taken after receiving a firm commitment from Aditya Birla Group to run the company and bring necessary investment, Telecom Minister Ashwini Vaishnaw said on Friday.

Vodafone Idea will issue equity shares to the government at a face value of Rs 10 each.

The relief for the company comes as part of the reforms package announced by the government in September 2021.

(PTI)

Frequently Asked Questions

The government is expected to hold a 33.14 per cent stake in Vodafone Idea after converting over Rs 16,133 crore of interest dues into equity.

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