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Sebi Approves Govt Proposal To Turn Vodafone Idea Dues Into Equity
The government’s stake in Vi after the conversion could be more than 30 per cent, as per the report, which would make it one of the largest shareholders in the company along with UK’s Vodafone and Kumar Mangalam Birla led Aditya Birla Group
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Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday approved the government’s proposal to convert dues of USD 1.92 billion by telecom operator Vodafone Idea (Vi) to equity, news agency Reuters reported citing two senior government officials.
The government’s stake in Vi after the conversion could be more than 30 per cent, as per the report, which would make it one of the largest shareholders in the company along with UK’s Vodafone and Kumar Mangalam Birla led Aditya Birla Group.
The report stated that the regulator has also approved the government’s request to classify its shareholding in Vi as a public float.
Sebi’s guidelines state that only stakes up to 10 per cent can be classified as public shareholding.
The government will sell its stake in the telco once it is turned around, one of the officials told Reuters.