Vodafone Idea board approves 35.8% equity allotment to govt.
The Hindu
Move as per scheme offered by DoT for settlement of dues.
The Board of Directors of Vodafone Idea Ltd, at a meeting held on January 10, approved the conversion of the full amount of interest related to spectrum auction instalments and AGR [adjusted gross revenue] dues to the government into equity, which would make the government 35.8% owner of the company.
This is as per a scheme offered by the Department of Telecommunications (DoT) for settlement of dues.
“The Net Present Value (NPV) of this [spectrum auction instalments and AGR dues] interest is expected to be about ₹16,000 crore as per the company’s best estimates, subject to confirmation by the DoT,” Vodafone Idea Ltd said in a filing with stock exchanges.
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