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Vodafone Idea allots shares worth Rs 36,950 crore to the govt, stake in company increases to 48.99 pc

Vodafone Idea allots shares worth Rs 36,950 crore to the govt, stake in company increases to 48.99 pcAgencies

Vodafone Idea

Synopsis
Vodafone Idea has allotted 3,695 crore shares to the government for Rs 36,950 crore, increasing the government's stake to 48.99%. This move, part of the 2021 Telecom Sector Reforms, converts outstanding spectrum auction dues into equity. Despite the increased government stake, Vodafone Plc and Aditya Birla Group will retain operational control of the telecom operator.
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Vodafone Idea on Tuesday allotted 3,695 crore shares to the government Rs 36,950 crore. With this, government of India shareholding in the company stands at 48.99 per cent, up from 22.60 per cent.
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The announcement for this was made by the company on March 30, in line with the September 2021 Reforms and Support Package for Telecom Sector. The telecom operator's outstanding spectrum auction dues, including deferred dues repayable after expiry of the moratorium period, will be converted into equity shares to be issued to the Government of India under Section 62(4) of the Companies Act, 2013, the company said in an exchange release.

The Company had been directed to issue the equity shares of the face value of Rs 10 each at an issue price of Rs 10 each, within a period of 30 days after issuance of necessary order from relevant authorities including from Securities and Exchange Board of India (SEBI), the statement said.

The pricing of the shares that will be allotted was arrived basis the higher of the volume weighted price of equity shares during last 90 trading days preceding the relevant date or 10 days preceding the relevant date (the relevant date being February 26, 2025), subject to provision of section 53 of the Companies Act, 2013.

The promoters, UK’s Vodafone Plc and India’s Aditya Birla Group (ABG), will continue to have operational control of the company. VI will take all necessary actions to undertake the issuance, upon receipt of the requisite approvals.

The latest development comes only weeks after VI chief executive Akshaya Moondra had appealed to Department of Telecommunications (DoT) secretary Neeraj Mittal to urgently allow equity conversion of the telco’s upcoming adjusted gross revenue (AGR) and purchase dues relating to the 2012, 2014, 2015 and 2016 spectrum auctions as the cash-strapped company braces for a spike in regulatory payouts.
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