Vi to convert interest payments into government equity

11 Jan 2022

Indian mobile provider Vodafone Idea (Vi) has confirmed that it will accept the government’s offer to convert the deferred interest on spectrum fees and Adjusted Gross Revenue (AGR) dues into government equity. In a regulatory filing Vi disclosed that the value of the interest was expected to be around INR160 billion (USD2.16 billion) and as such – subject to final confirmation by the Department of Telecommunications (DoT) – the conversion would result in the government holding around 35.8% of the total outstanding shares in the company, with promoter groups Vodafone and Aditya Birla holding 28.5% and 17.8% respectively.

India, Department of Telecommunications (DoT), Vi (Vodafone Idea Limited, VIL), Vodafone Group