Debt conversion plan: Vodafone Idea issues Rs 36,950 cr in equity to DIPAM

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Debt conversion plan: Vodafone Idea issues Rs 36,950 cr in equity to DIPAM - Business Standard

Quick Summary:

Vodafone Idea has issued and allotted 3,695 crore equity shares aggregating to Rs 36,950 crore to the Department of Investment and Public Asset Management (DIPAM), following the government's recent decision to convert the debt-laden telco's spectrum auction dues into equity.

After the allotment, the shareholding of the government in the telco stands at 48.99 per cent in the expanded paid up capital base of the company.

In a regulatory filing Vodafone Idea Ltd said the capital raising committee of Board of Directors of the company at its meeting on April 8, 2025, issued and allotted 3,695 crore equity shares of face value of Rs 10 each at an issue price of Rs 10 per equity share aggregating to Rs 36,950 crore to the Department of Investment and Public Asset Management, Government of India (acting through President of India).