Vodafone Idea Stock Rose 10% After Government converted 36,950 Crore Dues into Equity
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Vodafone Idea Stock is in Focus today and clocked a 10% Upper Circuit because the Government converted 36,950 crores of Dues into Equity. With This Conversion, the Government Now Holds a 48.99% stake in Vodafone Idea.
Vodafone Idea informed that the 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.
The total amount to be converted into equity shares is Rs. 36,950 Crore. The Company has been directed to issue 3,695 Crore equity shares of the face value of Rs. 10/- each. Government of India shareholding in the Company will increase from the existing 22.60% to approximately. 48.99%. The promoters will continue to have operational control of the company.
