Board of Vodafone India approves conversion of interest on spectrum auction installment and AGR dues

14 Jan 2022 , 01:34 AM

The Board of Vodafone India at its meeting held on 10 January 2022 has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR Dues into equity The Net Present Value NPV of this interest is expected to be about Rs16000 crore as per the Companys best estimates subject to confirmation by the DoT Since the average price of the Companys shares at the relevant date of 14 August 2021 was below par value the equity shares will be issued to the Government at par value of Rs 10 per share subject to final confirmation by the DoT The conversion will therefore result in dilution to all the existing shareholders of the Company including the Promoters Following conversion it is expected that the Government will hold around 358Percentage of the total outstanding shares of the Company and that the Promoter shareholders would hold around 285Percentage Vodafone Group and around 178Percentage Aditya Birla Group respectively