Finance ministry greenlights Vi equity conversion

8 Sep 2022

India’s finance ministry has approved proposals to convert Vodafone Idea’s (Vi’s) accrued interest on deferred licence and spectrum dues to government equity, the Economic Times reports. The plans – which must now be finalised by Vi – will see the debt-laden cellco convert interest fees of around INR161.3 billion (USD2.0 billion) into equity, with the government to hold a stake of around 33% after the transaction. Promoter groups Vodafone and Aditya Birla will hold a combined stake of just over 50%.

India, Vi (Vodafone Idea Limited, VIL), Vodafone Group