11 Jan , 2022 By : Kanchan Joshi
Vodafone Idea’s board has informed the telecom department that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. In this case, it would mean that government will hold 35.8% and become the single largest shareholder in the third largest telco of the country.
Shares of Vi slumped by 14.81% to Rs 12.65 on early trading hours.
“…it is expected that the Government will hold around 35.8% of the total outstanding shares of the Company, and that the Promoter shareholders would hold around 28.5% (Vodafone Group) and around 17.8% (Aditya Birla Group), respectively,” said the telco in a regulatory exchange on Tuesday morning.
The Board had held a meeting on Monday and approved the conversion of the full amount of such interest related to spectrum auction instalments and adjusted gross revenue (AGR) dues into equity.
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