Monday, March 27, 2023
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India’s Vodafone Idea rises after order to convert $2 billion govt dues into equity

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BENGALURU (Reuters) – Shares of Vodafone India Ltd rose nearly 9.5% on Monday after the government 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 ($1.96 billion), the mobile carrier said.

The company said it has been directed to issue 16.13 billion shares at 10 rupees each.

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Janane Venkatraman)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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