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Vodafone Idea gives 33.4 per cent stake to Government

Feb 8, 2023

By: BlinkX Research Team

Telecom operator Vodafone Idea said in a regulatory filing that the company's board of directors has approved the allotment of 16,133,184,899 equity share to the government, which means that the government holds 33.44 per cent of the Company.

The shares have been allocated to the government in lieu of conversion of interest dues arising from deferment of adjusted gross revenue and spectrum auction payments, the company said in a filing on Tuesday.

"Board of Directors of the Company has, at its meeting held on February 07, 2023 approved the allotment of 16,133,184,899 equity shares of face value of Rs 10/- each at an issue price of Rs 10/- per equity share aggregating to Rs 161,331,848,990 to the Department of Investment and Public Asset Management, Government of India (acting through President of India)," said Vodafone Idea.

"Post the aforesaid allotment the shareholding of the Government of India in the Company stands at 33.44% in the expanded paid-up capital base of the Company," it further added.