Govt to become Vodafone Idea’s single largest shareholder with over 35% stake

Following the conversion into equity, the Indian government is expected to hold about 35.8% of the total outstanding shares of Vodafone Idea.

Indian telecom operator Vodafone Idea Ltd said on Tuesday its board has approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of airwaves into equity.

The "net present value" of the interest is expected to be about 160 billion Indian rupees ($2.16 billion), according to the company's estimates.