New Delhi: Debt-ridden Vodafone Idea Ltd said on Friday the Centre has ordered the company to convert into equity of interest for spectrum and adjusted gross revenue (AGR) dues owed to the government for use of airwaves, Reuters reported.
The total amount to be converted into equity shares is Rs 161.33 billion ($1.96 billion), the Indian mobile service provider said in a regulatory filing on Friday.
The company has been directed to issue 16.13 billion shares at a price of Rs 10 each, it added.
“Ministry of Communications passed an order today i.e. 3 February, 2023… directing the Company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the Government of India,” the filing said.
