Vi jumps as govt approves AGR dues conversion to equity

Shares of Vodafone Idea Ltd. jumped over 25% after getting relief from the government on their AGR dues payment.

The government of India has directed the telecom company to issue 16.13 million equity shares of face value Rs 10 each at an issue price of Rs 10 each to the government in lieu of the interest to be paid.

“Ministry of Communications…passed an order today i.e. Feb. 3, 2023…directing the Company to convert the NPV of the interest related to deferment of spectrum auction installments and AGR dues into equity shares to be issued to the Government of India”, the company said in its filing.

Shares of Vodafone Idea Ltd. jumped over 25% after getting relief from the government on their AGR dues payment.

The government of India has directed the telecom company to issue 16.13 million equity shares of face value Rs 10 each at an issue price of Rs 10 each to the government in lieu of the interest to be paid.

“Ministry of Communications…passed an order today i.e. Feb. 3, 2023…directing the Company to convert the NPV of the interest related to deferment of spectrum auction installments and AGR dues into equity shares to be issued to the Government of India”, the company said in it filing. Bloomberg