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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Government stake in Vodafone Idea to increase to 48.99 pc with fresh acquisition of shares worth Rs 36,950 cr
Vodafone Idea on Sunday announced that the government stake in the company will increase to 48.99 per cent with fresh acquisition of shares worth Rs 36,950 crore.
The development is 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 acquisition was communicated to the company through an order on March 29 and was received by the company today.
The Company has been directed to issue 3,695 crore 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 has ben 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
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After the issuance of equity shares, the government's shareholding in the company will increase from existing 22.60 per cent to approximately 48.99 per cent.
The promoters, UK’s Vodafone Plc and India’s Aditya Birla
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Vodafone Idea shares in focus as Govt converts Rs 36,950 crore dues into equity, stake rises to 48.99% economictimes.indiatimes.com / 1 year ago
US sanctions 6 Chinese and Hong Kong officials, drawing backlash from the city's government abcnews.go.com / 1 year ago
Nokia to upgrade Vodafone Idea's optical network to enhance 4G services, support 5G rollout economictimes.indiatimes.com / 1 year ago
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