Mumbai: Vodafone Idea Ltd said the Indian government will have almost 36% in the third largest wireless telephone operator in the country after the Board agreed to convert contributions into equity.
This will result in dilution for all existing company shareholders, including the founders, the word wireless carrier that is not profitable in the archiving of the exchange.
Vodafone Group will have around 28.5% and Aditya Birla Group will have around 17.8% in the company, he said.
This rescue plan is very important for the idea of Vodafone, a joint venture between the Vodafone group and Mangalam Birla Billioner conglomerate, which has lost customers for larger rivals.
Financial health deteriorated after Reliance Jio Infocomm Ltd triggered a brutal price war in 2016, and quickly gained market share to become top players.