Govt set to become largest shareholder in Vodafone Idea: Report
2 years, 6 months ago

Govt set to become largest shareholder in Vodafone Idea: Report

Live Mint  

The Central government is reportedly going to become the biggest shareholder of debt-ridden Vodafone Idea Limited, according to CNBT-TV18. Yesterday, Vodafone Idea said that the company has sought shareholders' nod to raise ₹436 crore from its promoter group Vodafone in an extraordinary general meeting. Earlier, Livemint reported that the government would hire a transaction adviser to help manage the conversion of interest dues related to deferred spectrum payments and adjusted gross revenue into equity in Vodafone Idea Ltd. This year, Vi proposed the government convert interest dues amounting to ₹16,000 crore for a 35.8% stake in the struggling telecom operator. Vodafone Idea opted for converting its dues to stock in January, exercising an option offered by the government in September as part of a rescue package for struggling telecom operators.

History of this topic

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