Centre asks Vodafone Idea to convert Rs 16,000 dues into equity - New Delhi News
by IANS | Updated Feb 03, 2023
"It is hereby informed that the Ministry of Communications has [directed] 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 company said in a filing.
The government will take 33 per cent equity in Vodafone Idea after converting all interest related to payments for spectrum and other dues into equity.
This will make the government the largest shareholder in the telecom company.
Vodafone Idea will convert dues of Rs 16,133 crore into equity and issue shares for Rs 10 each, the company informed.
"We had sought a firm commitment that the Aditya Birla Group would run the company and bring necessary investments. The Birlas have agreed and hence we have agreed to convert. We want India to be a three-player market plus BSNL and ensure healthy competition for consumers," Telecom Minister Ashwini Vaishnaw said in a statement.
- Sebi 'fully equipped', could set up a panel of experts, Centre to SC on Adani issue
- Essar Oil & Gas Exploration & Production achieves highest ever revenue and EBIDTA
- Renault Nissan to invest $600 million, launch six new models (Lead)
- Inflation-linked road toll rate hike to be modest in FY24: ICRA
- Homegrown EV mobility solutions provider Magenta Mobility raises $40 mn
- Researcher says PokerBaazi exposed users' information, platform denies data breach (Lead)
- Piyush Goyal directs FCI to open more procurement centres in UP
- IIT-K unveils breakthrough in coal/mineral transportation
- Mumbai airport records surge in passenger movement, traffic up by 149% in Jan
- Tesla adjusts its EV pricing for 4th time in US