Troubled Indian mobile service provider Vodafone Idea Ltd said on Friday the government had ordered the company to convert into equity all the dues owed to the government for use of airwaves including the interest related to payments for spectrum.
A man walks across the LED display board showing the logo of Vodafone-Idea at the ongoing India Mobile Congress 2022, at Pragati Maidan, in New Delhi, India, October 3, 2022. REUTERS/Anushree Fadnavissaid on Friday the government had ordered the company to convert into equity all the dues owed to the government for use of airwaves including the interest related to payments for spectrum.
The total amount to be converted into equity shares is 161.33 billion rupees , the mobile carrier said.The conversion of Vodafone Idea dues into equity was approved by India's capital market regulator, ReutersIn 2021, the Indian government approved a rescue package for debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.that forced some rivals out of the market.
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