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Centre Asks Vodafone Idea To Convert Dues Into Equity Worth $2 Billion

Centre Asks Vodafone Idea To Convert Dues Into Equity Worth $2 Billion

Centre Asks Vodafone Idea To Convert Dues Into Equity Worth $2 Billion

Centre will take 33 per cent equity in Vodafone Idea

New Delhi:

The government will take 33 according to cent fairness in vodafone concept after changing all interest associated with payments for spectrum and other dues into fairness, making it the single-largest shareholder inside the telecom company.

Vodafone idea will convert dues of rs 16,133 crore into equity and trouble stocks for rs 10 each, the agency stated in a market submitting.

Vodafone idea is a combination of the india unit of england’s vodafone organization and idea cellular.

India’s telecom quarter become disrupted through the access of billionaire mukesh ambani’s reliance jio, which forced some competitors out of the market. Huge dues owed to the government compounded the telecom zone’s issues.

Vodafone concept’s board in january final yr had accredited the conversion of dues owed to the government into equity. The authorities has cleared it now.

Vodafone concept shares closed at rs 6.89 apiece today at the bombay inventory alternate, up via 1.03 consistent with cent on account that previous near. The filing got here after marketplace hours.

Also Read : Jobs in medical, food service, construction and education sectors increased amid layoffs in tech companies: report|

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