The Authorities of India has prolonged one more lifeline to Vodafone Thought Ltd. by agreeing to select up extra stake within the debt-laden telco in lieu of spectrum public sale dues. NDTV Revenue had first reported this was within the works.
That will increase the Centre’s stake in Vodafone Thought to 48.99%. The whole quantity to be transformed into fairness shares is Rs 36,950 crore. The corporate has been directed to concern 3,695 crore fairness shares of the face worth of Rs 10 every at a problem value of Rs 10 every inside a interval of 30 days after issuance of obligatory order from related authorities, together with from Securities and Alternate Board of India.
“Publish the aforesaid issuance of fairness shares, the Authorities of India’s shareholding within the firm will enhance from present 22.60% to approx. 48.99%,” in line with an trade submitting. “The promoters will proceed to have operational management of the corporate.”