Centre To Transform vodafone Idea Spectrum Dues Worth Rs 36,950 Crore Into Fairness
Vodafone's spectrum public sale dues, well worth Rs 36,950 crore, may be transformed into equity by the government in an effort to increase its holding in vodafone to 48.99 percent, up from 22.6 percent.
The authorities have been the single biggest shareholder inside the debt-ridden vodafone idea.
Now it's going to receive 3,695 shares at an issue charge of Rs 10 a share, the enterprise stated in a regulatory filing on Sunday. The shares are to be issued inside 30 days of the order. The move is in step with the relief bundle announced for the telecom sector in september 2021.
The brilliant spectrum dues consist of deferred dues repayable after the expiry of the moratorium length.
The promoters will hold operational management.
"The Ministry of Communications... in step with the september 2021 Reforms and assist package deal for the Telecom region has determined to transform the exquisite spectrum public sale dues, inclusive of deferred dues repayable after expiry of the moratorium length, into equity shares to be issued to the government of India. The whole quantity to be transformed into fairness stocks is Rs 36,950 crore," the filing read.
"Put up the aforesaid issuance of fairness stocks; the authorities of india shareholding within the organization will increase from the present 22.60 percent to about forty-eight point ninety-nine percent consistent with the cent. The promoters will hold to have operational management of the employer," the submitting study.
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