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livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Vodafone Idea shares in focus as Govt converts Rs 36,950 crore dues into equity, stake rises to 48.99%
Vodafone Idea shares will be in focus on Tuesday as the government converts Rs 36,950 crore of the telco’s outstanding spectrum payment dues into equity, reducing its statutory liabilities and supporting its financial viability.
The move will raise the Centre’s stake in Vi from 22.6% to 48.99%. At the same time, private promoters Vodafone Plc and Aditya Birla Group (ABG) will see their holdings drop to 16.1% and 9.4%, respectively, though they will retain operational control.
Vi’s private sector promoters — UK’s Vodafone Plc and India’s Aditya Birla Group (ABG) — will continue to have operational control, but will see sharp dilutions in shareholdings.
Company insiders told ET that Vodafone UK’s stake in Vi would decline to around 16.1% from about 24.4% now, while ABG’s ownership would drop to 9.4%, from a shade over 14% now.
New Delhi’s move to support the struggling operator is seen as a lifeline of sorts.
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The second such conversion after a similar move in February 2023, it will lend the necessary cash flow support to Vi, even as it braces for a spike in regulatory payouts after the moratorium on those payments ends in September, experts said.
According to analysts, loss-making Vi is required to repay Rs 29,000 crore of government spectrum and adjusted gross revenue (AGR) dues in the second half of FY26, liabilities that now reduce to Rs 11,000 crore. From FY27 onward, the annual instalment would also reduce to Rs 17,000 crore, from Rs 43,000 crore.
Also Read: Stocks in news: Vodafone Idea, AB
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