Vodafone Idea (Vi), the third-largest telecom operator in the country, can finally go ahead with converting the interest dues into equity for the government. This is a big development for the telco. In a listing at the stock exchanges, the telco said that it has received the go-ahead from the Ministry of Communications (MoC) to convert the interest dues related to the deferred amount from the spectrum auction instalments and AGR (adjusted gross revenue) dues.
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The telco said that the total amount to be converted into equity shares is " Rs. 16133,18,48,990. The Company has been directed to issue 1613,31,84,899 equity shares of the face value of Rs. 10 each at an issue price of Rs. 10 each."
It is unlikely that Vodafone Idea would take a long time to go ahead with this. The telco is in desperate need of funding, and it won't happen until the interest dues are converted to a take for the government. The Indian government would soon be the largest stakeholder in Vodafone Idea.
