Telecom company Vodafone Idea agreed the plan for the conversion of the full amount of interest related to spectrum auction instalments and AGR (Adjusted Gross Revenue) liable to the government in equity. This will make the government hold the largest stake of 35.8% of the company.
“The Net Present Value (NPV) of this (spectrum auction instalments and AGR dues) interest is expected to be about Rs 12,000 crore as per the company’s best estimates, subject to confirmation by the DoT,” Vodafone Idea Ltd said in a filing with stock exchanges.
Adding to this, they also stated that, “Since the average price of the company’s shares at the relevant date 14.08.2021 was below par value, the equity shares will be issued to the government at par value of Rs 10 per share”.
The company said that the government will hold 35.8% equity, the promoter shareholders (Vodafone Group) will have 28.5% along with (Aditya Birla Group), which will have 17.8%.