The federal government has agreed to lift stake in Vodafone Concept to 48.99 per cent with contemporary acquisition of shares price Rs 36,950 crore in lieu of excellent spectrum public sale dues, the corporate stated in a regulatory submitting on Sunday.
The federal government is the single-largest shareholder within the debt-ridden Vodafone Concept with 22.6 per cent stake.
“The Ministry of Communications… according to the September 2021 Reforms and Help Package deal for Telecom Sector has determined to transform the excellent spectrum public sale dues, together with deferred dues repayable after expiry of the moratorium interval, into fairness shares to be issued to the Authorities of India. The entire quantity to be transformed into fairness shares is Rs 36,950 crore,” the submitting stated.
Vodafone Concept (VIL) stated it has been directed to difficulty 3,695 crore fairness shares of the face worth of Rs 10 every at a difficulty value of Rs 10 every inside 30 days after issuance of essential order from related authorities, together with from Securities and Change Board of India.
“Submit the aforesaid issuance of fairness shares, the Authorities of India shareholding within the Firm will enhance from present 22.60 per cent to roughly 48.99 per cent. The promoters will proceed to have operational management of the corporate,” the submitting stated. PTI