NEW DELHI: The federal government has agreed to extend its stake in Vodafone Thought to 48.99 per cent by means of a recent acquisition of shares value Rs 36,950 crore in change for excellent spectrum public sale dues.
In a regulatory submitting on Sunday, Vodafone Thought confirmed the transfer, which can see the federal government considerably increase its shareholding within the debt-laden telecom operator.
At the moment, the federal government holds a 22.6 per cent stake, making it the most important single shareholder within the firm.
Vodafone Thought (VIL) mentioned it has been directed to situation 3,695 crore fairness shares of the face worth of Rs 10 every at a difficulty worth of Rs 10 every inside 30 days after issuance of the mandatory order from related authorities, together with from Securities and Change Board of India (Sebi).
“Publish the aforesaid issuance of fairness shares, the Authorities of India shareholding within the Firm will improve from current 22.60 per cent to roughly 48.99 per cent. The promoters will proceed to have operational management of the corporate,” the submitting mentioned, in line with information company PTI.
Final week, Vodafone Thought (Vi) CEO Akshaya Moondra reportedly requested the Division of Telecommunications (DoT) to approve fairness conversion for the corporate’s pending Adjusted Gross Income (AGR) and spectrum public sale dues from 2012, 2014, 2015, and 2016.
Moondra’s letter to the DoT, dated March 11, outlined Vodafone-Thought’s incapability to offer a Rs 6,091 crore financial institution assure or make a Rs 5,493 crore money cost associated to a shortfall from the 2015 spectrum public sale.
He requested the DoT to chorus from taking any punitive measures towards the corporate.
Vodafone Thought (Vi), fashioned in 2018 by means of the merger of Vodafone India and Thought Mobile, has been struggling as a consequence of huge money owed, intense competitors, and hefty Adjusted Gross Income (AGR) dues imposed by the Supreme Court docket.
In 2021, the federal government launched a reduction package deal permitting telecom corporations to transform their dues into fairness. Vodafone Thought opted for this, resulting in the federal government buying a 33 per cent stake in 2023 by changing over Rs 16,000 crore in dues. Nevertheless, the corporate continued dealing with monetary misery.
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