Centre To Convert Vodafone Idea Spectrum Dues Worth Rs 36,950 Crore Into Equity | Read

Vodafone's spectrum auction dues worth Rs 36,950 crore will be converted into equity by the government, which will increase its holding in Vodafone Idea to 48.99 per cent - up from 22.6 per cent. The government has been the single-largest shareholder in the debt-ridden Vodafone Idea.

Now it will receive 3,695 shares at issue price of Rs 10 a share, the company said in a regulatory filing on Sunday. The shares to be issued within 30 days of the order. The move is in line with the relief package announced for the telecom sector in September 2021.

The outstanding spectrum dues include deferred dues repayable after expiry of the moratorium period.

The promoters will continue having operational control.