The Centre approved conversion of interest dues of Vodafone Idea into equity, the company said in a regulatory filing on Friday. "Ministry of Communications...passed an order today ie 3 February, 2023...directing the Company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR Dues into equity shares to be issued to the Government of India," the filing said.
Consequently, the Union government will now own 35% stake in the company, worth over Rs 16,133 crore. Equity shares of face value of Rs 10 each will be issued to the government at the same price.
"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," the filing added.
Shares of VIL closed at Rs 6.89 apiece on Friday at the BSE, up by 1.03 per cent compared to previous close. The filing came after market hours, PTI reported.