Promoter shareholders Vodafone would hold around 28.5% and Aditya Birla Group around 17.8%.
- After the conversion of dues into equity, the government will become the largest shareholder of Voda Idea.
- Promoter shareholders Vodafone Group would hold around 28.5 per cent and Aditya Birla Group around 17.8 per cent.
- According to the company's estimates, the value of the interest is expected to be about Rs 16,000 crore ($2.16 billion).
- Vodafone Idea is a combination of the India unit of Britain's Vodafone Group and Idea Cellular.
- It has paid the government Rs 7,854 crore in dues but still owes roughly Rs 50,000 crore.
- Shares of Vodafone Idea slumped nearly 19 per cent after the telecom operator approved the conversion of spectrum interest and government dues into equity.
- The stock plunged to a day low of Rs 12.05 on BSE.
- India's telecom sector was disrupted by the entry of billionaire Mukesh Ambani's Reliance Jio and forced some rivals out of the market.
- The sector's troubles have also been compounded by the massive dues owed to the Centre.
- Before this, Bharti Airtel had decided not to convert the interest on deferred spectrum-related payments and government dues into equity.
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