Government of India’s Ministry of Communications have decided to convert Vodafone Idea Ltd’s outstanding spectrum auction dues into equity shares, increasing its stakeholding in the firm to 48.99 per cent, according to the exchange filing on Sunday, March 30.
“It is hereby informed that Ministry of Communications, Government of India has, in line with the September 2021 Reforms and Support Package for Telecom Sector has decided to convert the outstanding spectrum auction dues, including deferred dues repayable after expiry of the moratorium period, into equity shares to be issued to the Government of India under Section 62(4) of the Companies Act, 2013,” said the company in the BSE filing.
According to the filing data, ₹36,950 crore is set to be converted into 3,695 equity shares with a face value of ₹10 apiece.
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