Jobs

Center to take 35.8% stake in Vodafone Idea, decide to convert liability into equity Govt to get 35.8% stake in debt-ridden Vodafone Idea in lieu of dues liability

Center to take 35.8% stake in Vodafone Idea, decide to convert liability into equity Govt to get 35.8% stake in debt-ridden Vodafone Idea in lieu of dues liability
Written by admin
Center to take 35.8% stake in Vodafone Idea, decide to convert liability into equity Govt to get 35.8% stake in debt-ridden Vodafone Idea in lieu of dues liability

Center to take 35.8% stake in Vodafone Idea, decide to convert liability into equity Govt to get 35.8% stake in debt-ridden Vodafone Idea in lieu of dues liability

The corporate stated that if this plan is carried out, the federal government’s stake in Vodafone Idea can be round 35.8 per cent, whereas the promoters would maintain round 28.5 per cent (Vodafone Group) and 17.8 per cent (Aditya Birla Group).

Debt-ridden Vodafone Idea (VIL) has determined to convert Rs 16,000 crore curiosity arrears to the federal government into equity, which is able to quantity to 35.8 per cent stake in the corporate. VIL gave this data to the inventory trade. If this plan is accomplished, the federal government will turn into one of the biggest shareholders of the corporate. The corporate at the moment has a debt of Rs 1.95 lakh crore.

Vodafone Idea instructed the inventory trade, “…The Board of Administrators, in its assembly held on January 10, 2022, has authorized conversion of the whole curiosity liability relating to spectrum public sale installments and AGR dues into equity. The Gross Current Worth (NPV) of this liability is anticipated to be round Rs 16,000 crore as per the corporate’s estimates, to be confirmed by DoT.

VIL stated that for the reason that common worth of the corporate’s shares was beneath the worth as on August 14, 2021, the federal government can be allotted shares on the price of Rs 10 per share. The approval of the Division of Telecommunications is to be taken on this proposal. The corporate stated that if this plan is carried out, the federal government’s stake in Vodafone Idea can be round 35.8 per cent, whereas the promoters would maintain round 28.5 per cent (Vodafone Group) and 17.8 per cent (Aditya Birla Group).

READ Also  Jio launched the cheapest plan of Re 1, 30 days validity with internet data

The corporate’s whole liabilities stood at Rs 1,94,780 crore as of September 30, 2021. This contains delayed spectrum cost obligation of Rs 1,08,610 crore, AGR liability of Rs 63,400 crore and mortgage taken from banks and monetary establishments of Rs 22,770 crore. Shares of VIL have been down 15.49 per cent at Rs 12.55 on the BSE throughout afternoon commerce. The corporate acknowledged that the shares can be issued to the federal government on a preferential foundation and the related date for pricing can be August 14, 2021.


#Center #stake #Vodafone #Idea #decide #convert #liability #equity #Govt #stake #debtridden #Vodafone #Idea #lieu #dues #liability

About the author

admin

Leave a Comment