The board of Vodafone Idea Ltd. Has approved conversion of AGR dues and spectrum interest into equity as a result of which the government will become 35.8% stake holder in the company and Vodafone Group and Aditya Birla Group will have around 28.5% and 17.8% stake respectively.
“It is now informed that the Board of Directors, at its meeting held on 10th January, 2022, has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR Dues into equity,” announced the company in a filing to BSE.
The shares of Vodafone Idea fell nearly 19% today to Rs 12.05 apiece on NSE, before partially recovering losses. The company said that the net present value of interest is anticipated to be around Rs 16,000 crore. The equity shares of the company will be issued to the government at Rs 10 per share at par value.