New Delhi: The idea of ​​Vodafone driven by debt (VIL) has decided to choose to convert around RS 16,000 Crore Flower contributions paid to the government to equity which will amount to around 35.8 percent of the shares in the company, in accordance with the submission of telecommunications company regulations.
If the plan passes, the government will become one of the largest shareholders in a company that is shaken under the debt burden of around Rs 1.95 lakh Crore.
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The Board of Directors, at his meeting was held on January 10, 2022, it has agreed to the conversion of the full amount of interest related to the installment of the spectrum auction and AGR contributions into this equity (NPV) of these interest estimated around RS 16,000 Crore according to the best estimates The company, subject to confirmation by the point, “Vodafone ideas said in the submission of regulations.
The government has provided telecommunication operators of choice to pay interest for 4 years delays in suspended spectrum installments and AGR contributions through conversion into NPV equity of the number of interest.
Vil said that because the average price of company shares on the relevant date August 1421 is below the nominal value, equity stocks will be issued to the government with a nominal value of Rs 10 per share, subject to final confirmation by dot.
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“Therefore the conversion will produce a dilution of all existing company shareholders, including the promoters.
After conversion, it is expected that the government will accommodate around 35.8 percent of the company’s total shares, and the promoter shareholders will accommodate around 28.5 percent ( Vodafone Group) and around 17.8 percent (Aditya Birla Group), respectively, “the archiving said.
VIL shares traded at Rs 12.55 respectively, down 15.49 percent compared to before, at BSE in the morning.