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The government is likely to convert Vi's interest liability of ₹16,133 crore into equities
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The central government is reportedly going to become the biggest shareholder of debt-ridden Vodafone Idea, as per a leading business news channel.
The centre may hold around 33 per cent stake in the company and become the single largest shareholder in India’s third largest telecom services provider.
The government is likely to convert Vi's interest liability of ₹16,133 crore into equities, the report added.
The centre’s stake may be as part of public ownership instead of the promoter’s category and the government will not have any presence on the board of the company.
Vodafone Idea on Thursday had sought shareholders’ nod to raise Rs 436 crore form its promoter group Vodafone in an extraordinary general meeting.
Vodafone Idea (VIL) promoters - Vodafone Group and Aditya Birla Group - jointly hold a 74.99 per cent stake in the company.
This year, Vodafone Idea proposed the government convert interest dues amounting to ₹16,000 crore for a 35.8 per cent stake in the struggling telecom operator. This was availed under one of the options under the rescue package for struggling telecom operators, offered by the government in September, 2021.
The package offered telcos a moratorium on the deferred spectrum and adjusted gross revenue (AGR) payments for four years and to convert the interest during the moratorium period into equity.