Govt asks Vodafone Idea to convert dues into Rs 16,425 crore worth equity
The government has ordered Vodafone Idea to convert all the dues owed to the government for use of airwaves including the interest related to payments for spectrum into equity which is 161.33 billion rupees ($1.96 billion). The company said it has been directed to issue 16.13 billion shares at 10 rupees each.
The conversion of Vodafone Idea dues into equity was approved by India’s capital market regulator in October last year.
In 2021, the Indian government approved a rescue package for debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.
India’s telecom sector was disrupted by the entry of billionaire Mukesh Ambani’s Reliance Jio that forced some rivals out of the market. The sector’s troubles had also been compounded by large dues owed to the government.
In 2020, the Supreme Court gave telecom firms 10 years until 2031 to clear the dues.
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