Indus Towers Takes Back what it Said about Vodafone Idea Equity Conversion

On Monday, Vi came out with a clarification on the matter and said that this was not the case and that the Indus report had gotten it wrong. The telco said that it is already in talks with Indus Towers to take corrective measures. Indus Towers came out with a clarification on Tuesday morning and has removed the paragraph titled Govt Stake in VIL from the quarterly report. 

Highlights

  • Indus Towers, a major telecom infrastructure company in India, has just revised its report on the results for Q2 FY23.
  • Indus had mentioned here that govt won't convert the interest dues into equity in Vi until the time the stock price of the company reaches Rs 10. 
  • This means that govt can proceed with the conversion of interest into equity in Vi anytime it wants.

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Vodafone Idea

Indus Towers, a major telecom infrastructure company in India, has just revised its report on the results for Q2 FY23. On Oct 27, 2022, Indus published the quarterly report and under Section 5 - Management Discussion and Analysis on page number 14, the company has now deleted the paragraph titled 'Govt Stake in VIL'. Indus said that this paragraph was included erroneously in the report. For the unaware, Indus had mentioned here that govt won't convert the interest dues into equity in Vi until the time the stock price of the company reaches Rs 10.

On Monday, Vi came out with a clarification on the matter and said that this was not the case and that the Indus report had gotten it wrong. The telco said that it is already in talks with Indus Towers to take corrective measures. Indus Towers came out with a clarification on Tuesday morning and has removed the paragraph titled Govt Stake in VIL from the quarterly report.

This means that govt can proceed with the conversion of interest into equity in Vi anytime it wants. Until the time govt doesn't convert the dues into equity, VIL (Vodafone Idea Limited) won't be able to issue OCDs (optional convertible debentures) to the American Tower Company (ATC).

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